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AMI must speak out against the lender cartel

Open letter to Richard Farr and Chris Cummings of the Association of Mortgage Intermediaries

I was with a lot of people last week and we compared notes about what was going on and the anger everybody feels towards the way that the lenders are treating the intermediary market.

I have to say that since John Malone’s letter, it seems to have gone to the lenders’ heads that there is no need now to use the intermediary market, it is ok if they use the direct route and cut out the intermediary.

The genie is out of the bottle and the intermediary market is now in freefall. A dramatic statement? Well, only just but if you only knew what was going on, you would know that all of them are now at it, offering products so much different direct as they are to the intermediary market.

If the AMI does not speak out in the defence of our industry, there will not be much of an intermediary market left in a relatively short space of time.

The way that the lenders are acting now seems like an old-style “cartel” which is not in the interests of the consumer and is not treating customers fairly.

Please do not allow the intermediary market to burn and just watch. Think of the livelihoods of those intermediaries already at risk without lenders rubbing our noses in it.

Please speak out loudly and clearly that the lenders are deliberately destroying the intermediary market either by design or not and use your influence with the lenders to stop the destruction of the intermediary market, which the allege they need.

Work in genuine partnership with us or the alternative is they will have to reopen all their branches again and staff them. Not what they want to do, we know. They currently want it both ways and are acting in a most shortsighted and selfish way.

I feel so strongly that the AMI must speak up for the people it represents, not next week or next month but today.

Danny Lovey
The Mortgage Practitioner


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