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Survey shows brokers treat credit-impaired clients differently

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  • 10/08/2001
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Brokers are failing to treat their credit-impaired clients in the same way as other clients, accord...

Brokers are failing to treat their credit-impaired clients in the same way as other clients, according to a new survey from Mortgages plc, writes Ben Marquand.

The survey questioned 93 intermediaries about their knowledge of the sub-prime market and found substantial discrepancies in the way standard and sub-prime mortgage business is conducted.

It found that 23% of brokers still do not have any dealings with sub-prime lenders, and only 35% of mortgage intermediaries regularly deal with more than three sub-prime lenders when placing credit-impaired business.

The research also revealed that 11% of respondents could not name any lenders specialising in this field with 12% able to name five or more sub-prime lenders.

Julian Wells, marketing executive at Mortgages plc, said: ‘The results are worrying because they give the impression that brokers may just be happy to place an adverse case with a lender rather than looking for the best rate.’The acquisition of Trigold will bring brokers one step closer to e-trading

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