Brokers express concern over turmoil

According to research by the lender, almost a quarter of brokers claimed the recent uncertainty had negatively affected their business. While many indicated their confidence in the non-conforming market, a number of brokers admitted their intention to change the way they do business as a result of the environment.

Almost three-quarters of those respondents claimed they would be more discerning about which lenders they do business with – indicating that experience, infrastructure and reliability were key criteria for them.

The brokers surveyed claimed that it was the lender’s role to have robust systems in place to ensure that they continued to lend responsibly. Overall, brokers said lenders needed to be more transparent, with half believing they should openly declare their long-term commitment to the sector.

Duncan Berry, director of mortgages at GEMHL, said: “Our research has shown that brokers need clear guidance from their lender partners, as well as relevant tools, technology and expertise which will help them continue to refer appropriate customers to their lenders, despite the uncertainty.”

Mike Pendergast, IFA at Zen Financial Services, said: “There have been no major problems and it hasn’t affected new business as far as I can see.”

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