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Precise predicts business will shift to brokers under MMR

Managing director Alan Cleary says lenders will struggle to meet MMR requirements.

Precise Mortgages managing director Alan Cleary believes brokers will see business volumes grow post-MMR.

Speaking at the Mortgage Industry Conference and Exhibition in London, Cleary said the fact that most non-advised sales will be banned under the MMR, unless a borrower wants to make a small contract variation or take out a retention product will mean a boost to broker sales.

He said: “We believe brokers will be the net beneficiaries of the MMR as we see a greater emphasis on the advised sales process. Brokers are able and obviously already used to the advised environment so I think we will see a shift towards brokers.”

Money Marketing reported last month that the need for lenders to train staff to meet post-MMR requirements could lead to delays in applications being processed.

Andy Wilson Financial Services director Andy Wilson says: “Lenders will find it hard to get enough resources in place to meet the demands of proper assessments of client affordability and everything else.

“They do not have the number of advisers at the moment that they are going to need and I cannot see that even with accelerated recruitment and training, that they are going to be anywhere near the level they need to be for quite some time. Certainly in the short-term, lenders will be calling for help from brokers to meet their own lending levels.”

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