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Brokers warned to embrace Hips or lose business to estate agents

Intermediaries have been told they must consider home information packs as a business opportunity or lose out to estate agents.

Speaking at the Money Marketing round table, Purely Mortgages chief executive Mark Chilton said mortgage intermediaries should position their businesses so they become natural distribution points for the packs.

The panel agreed that Hips should include a clause explaining that customers do not have to take out a mortgage with their Hip supplier. They said this would prevent Hip distributors taking away business from mortgage intermediaries.

Although Pink Home Loans managing director Tony Jones and Alliance & Leicester head of mortgage intermediaries Mehrdad Yousefi welcomed the packs, they expressed disappointment with the timing of their introduction in June 2007.

Jones said: “Hips could be a threat but we know they are 18 months away and we just have to get on with it. Remember that distribution is key. We do not want to get to the point where there is a mortgage offer by the Hip provider. We have to make sure consumers know there are choices for them all the way through.”

Yousefi says: “We whole-heartedly welcome Hips but we believe there will be a massive impact on distribution and how it manifests itself from a consumer angle. We are also disappointed by the launch date slap bang in the middle of 2007.”

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