The Association of Mortgage Intermediaries is to hold an event in May in a bid to encourage new lenders into the UK mortgage market.
At the Mortgage Expo in belfast last week, director Chris Cummings said the AMI is looking to launch a spring event for international lenders which do not operate in the UK. He says the AMI is in negotiations with firms in China and Singapore to showcase the UK market to them.
The association has got the backing of the Treasury and is in talks with politicians and Bank of England representatives to speak at the event.
Cummings says the AMI is up against the clock to pull everything together by May but says it may be too late if it misses this date. He says: “We have to start doing positive things. There is so much negativity around the mortgage market. We have got this great market where people want to get homes but all that is happening is that we are talking ourselves into this mortgage market crisis. We also want to open the gates to existing mortgage lenders such as Halifax, Abbey, to incentivise them and to get them to start thinking more aggressively about the market again.”
Cummings says it is a shame that the event had to come from the AMI rather than bigger institutions. He says the AMI is happy to work in partnership with other associations such as the Council of Mortgage Lenders and the British Bankers’ Association.
He says: “We have not had much interaction yet with them as we wanted to make sure we had the support from new people into the UK and the politicians. We have got acceptances from politicians and we will be looking to announce a line-up very soon.”