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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.”

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