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Brokers feeling sub prime bite

A survey of two thousand mortgage brokers has shown that more than half of mortgage brokers expect to lose more than 10 per cent of their sub prime business due to the repricing of products.

Sixty five per cent of brokers expect to lose more than 10 per cent of their business due to change in lending criteria according to research by Mortgage Business Expo.

The changes in lending criteria are regarded as the biggest issue for brokers with 60 per cent of respondents saying the current problems in the sub prime market will lead them to source products from lenders they would not normally deal with while 36 per cent have already have sub prime cases turned down in recent weeks.

Mortgage Business Expo show director Daniel Nwaokolo says: “It is clear from our results that our adviser respondents are expecting the fall out from the credit crunch and the resulting impact on sub-prime lenders and products to affect their own volumes of business.

The show will take place at London’s Earl’s Court on 14 and 15 November.

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