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Third of brokers plan to sell more protection business, says Astra

A third of brokers are planning to sell more protection business as a way of dealing with the credit crunch, according to a survey by Astra Mortgages.

In its Brokers’ Attitude survey Astra, the intermediary arm of Norwich and Peterborough Building Society, found 33 per cent of brokers are planning to increase the level of protection business they write. A further 35.3 per cent are looking to diversify into other areas, including pension planning, debt management and investment advice.

The same survey, which polled 100 brokers, found 70 per cent rely on mortgage sales for their main source of income, while 52.5 per cent think the credit crunch will continue for more than two years.

Astra head of introduced mortgages Stewart Hunter says: “Our survey indicates that brokers don’t believe that the credit crunch will be over quickly and they are organising their business accordingly.

“Diversification is a good idea if we are to see a prolonged period of contraction of the mortgage market. It’s really no surprise that instant decisions are overwhelmingly a hit with brokers.”

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