Mortgage manager Paul Rignall says there has been a change in attitude from some lenders towards the intermediary market and many recognise dual-pricing is not in their long-term interests. He says: “Lenders have seized the opportunity to take control and maximise profits to help bolster their balance sheets but they are waking up to the fact that they do not want to disenfranchise a huge section of the market that has produced perhaps two-thirds of their business in recent years.
“Brokers have been angry because they have been forced to point their clients in the right direction for no reward. Lenders have won few friends among mortgage customers who are dismayed their broker has effectively been sidelined.”
Rignall says it is in no one’s interests for the situation to continue, saying that lenders who start to “play fair” with intermediaries are likely to benefit.