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Brokers may lose more market share to the banks

Precise Mortgages managing director Alan Cleary says mortgage brokers’ market share will continue to fall in the next 12 months as banks spend millions of pounds on advertising to lure direct customers.

The latest FSA mortgage product sales data, published last week, shows the proportion of mortgage sales through intermediaries fell to 47 per cent in the first quarter of this year from 49 per cent in the first quarter of 2010.

A YouGov survey commissioned by Precise in May asked 2,113 mortgageholders how they would research a mortgage if they were to apply in the next 12 months. Only 44 per cent, said they would use an intermediary.

Cleary says: “Brokers are better placed to advise customers about mortgages as they offer a much wider product range.”

Lentune Mortgage Consultancy director Stuart Gregory says: “I am not too concerned about our market share because the service the banks and building societies provide is so poor.”

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