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26% Of brokers will not offer home packs

A quarter of mortgage brokers have no plans to provide home information packs to their clients, according to a survey by the Association of Mortgage Intermediaries.

Its research shows 88 per cent of brokers believe that home sellers will approach estate agents first to arrange their Hips.

Twenty-six per cent say they will not offer access to Hips, 7 per cent will produce Hips in-house, 46 per cent will white-label Hips, 16 per cent plan to establish ties with estate agents and 4 per cent will offer other options.

Associate director Rob Griffiths says: “It is pleasing to see the majority of members considering the impact that Hips will have on their businesses but the results show there is still a large degree of uncertainty in the mortgage intermediary community.

“Many seem to be holding back and waiting for further information before making concrete business plans.”

Insurance network Ceta managing director David Quick says: “I feel that the 88 per cent of respondents are right that estate agents will be approached first and will have the upper hand in the provision of Hips.

“A large proportion of estate agents already offer conveyancing services, mortgage and insurance advice so now they will be in pole position to control everything, which makes no sense as they are the only part in the process that is not regulated.”

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