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Brokers value service above headline rate

Headline rates rank third in importance for brokers behind service and individual underwriting, according to a quarterly survey by Future Mortgages.

Its Future 500 research asked intermediaries to rank the factors most important to them when dealing with a lender.

Top of the list came service with 48 per cent, individual underwriting was second with 30 per cent while headline mortgages rates came third with 19 per cent. Online applications came last with 3 per cent.

The research found that brokers are confident about the market, with 55 per cent expecting overall mortgage lending to rise, 13 per cent think it will fall and 32 per cent say it will stay the same.

Looking at different sectors, 47 per cent of brokers expect most of their business to be remortgages, 23 per cent expect it to be self-certification, 18 per cent say it will be firsttime buyers, 10 per cent say buy to let and 2 per cent say right to buy.

Despite the National Association of Mortgage Brokers and Advisers&#39 recent link-up with Aifa, only 9 per cent of brokers say that they are a member or would support it compared with 65 per cent supporting the Mortgage Code Compliance Board.

Future sales and marketing director Brian Pitt says: “This is yet another vindication of the professional development of the mortgage market.

“We have always believed that service is a crucial element in helping professional advisers to add value to their clients and these results bear this out. Clients buy houses, not mortgages, and superior service in getting loan approval is essential in our market.”

The research was carried out among 500 brokers in September.

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