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Brokers becoming more adviser-like, says A&L

Almost 80 per cent of mortgage brokers feel their role is becoming more advisory in response to current markets, says Alliance & Leicester.

Research by A&L says 76 per cent of advisers believe they are more advisory and will continue to be so over the next six months.

Also 47 per cent of brokers believe they have to provide clients with more information than six months ago, mainly due to lower confidence in the housing market and economy.

Brokers have dedicated 29 per cent more of their time to offering advice and guidance to potential borrowers.

Director of mortgages Raj Uppal says: “Instead of simply using a broker to source products, borrowers are now making the most of their advisory services to learn about affordability and extend their product understanding.

Very positively, those brokers who have devoted time to working closely alongside clients in a more advisory capacity feel that their efforts will be rewarded in the future with better client relationships and ultimately result in higher business income.”

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