New lenders may shun brokers
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New mortgage lenders entering the market might only launch direct-to-consumer products and ignore the intermediary market, according to The Mortgage Works senior manager corporate accounts James Chidgey.
At the Mortgage Business Expo in London last week, he said dual-pricing in the market indicated lenders were increasingly choosing to go direct.
He said: “Clearly, there are a number of lenders whose entire pitch is direct to consumer. The concern will be, in the market the size that we have, that some of the new entrants might decide that is where they are going. They are not going via intermediaries, they are going direct to consumers.”
But speaking at the same event, Legal & General director of housing Stephen Smith said: “What is certain is when volume returns to the marketplace, it will return in the intermediary side far quicker and far deeper than it does on the branch side because branches are already working at about full capacity.”
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