View more on these topics

Mortgage brokers: ‘Don’t join the industry’

Almost 80 per cent of mortgage brokers would not recommend people join the industry, according to Money Marketing’s sister title Mortgage Strategy.

A straw poll last week shows of the 244 respondents, 192 or 79 per cent say they would not recommend becoming a mortgage broker.

London & Country head of communications David Hollingworth says the results are not necessarily the result of an inhospitable working environment but rather a more practical attitude to a complicated industry.

He says: “Now we have reached a point where everyone is fully aware that the mortgage market is not somewhere to be if you are after easy money. Perhaps some people were wrongly attracted by this possibility in the boom period.

“I do not think this necessarily means anyone is down on the industry. It is tough and you need to go in with your eyes wide open. It is not going to be a bed of roses with the regulatory backdrop we have got and the persistently tougher market conditions.

“The amount of admin involved has increased, the regulation is changing. All these things are difficult changes to deal with.”

Trinity Mortgages product and communications manager Aaron Strutt says: “Things seem to be getting slowly better with the Funding for Lending scheme.

“The poll results could be because brokers who have experience in submitting cases to lenders have run into difficulties.”

Recommended

1

Skandia appoints James Millard to head new fund range

Skandia has appointed Old Mutual Global Investors director of investments James Millard as director of investments for a new investment solutions team that will be involved in the creation and management of its Select fund range, due to launch next year. Millard will take up the role from 1 January and will report to Skandia […]

Martin Wade MM blog
2

Martin Wade: The first step towards sensible interest-only lending

There was welcome news earlier this week from Santander when they eased their criteria on interest only lending. This is but a small step on the way towards the balanced approach that the mortgage market requires in order to service the 1.5 million borrowers who have come to be known as mortgage prisoners. We are […]

Govt to review pension accounting over deficit concerns

The Government has announced a review of pension fund accounting methods following concerns about the impact rising deficits are having on businesses. The Confederation of British Industry has been calling for changes to the way defined-benefit liabilities are accounted for on company balance sheets. Currently these liabilities are valued on a “marked-to-market” basis, meaning the […]

Royal London finance director Stephen Shone quits

Royal London finance director Stephen Shone is leaving at the end of the year, after 14 years with the provider. Shone will continue to lead the group’s acquisition of the Co-operative Banking Group’s life insurance and asset management businesses to conclusion before leaving the business fully. Shone will be replaced in the position by former […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com