Brokers need a trade body, according to almost all the mortgage advisers who completed a survey by Future Mortgages.
Richard Hurst, communications manager of Future Mortgages, said: ‘Although there was a split in support on who they would like to see as a trade body, 98% of brokers believe there is a need for one. This is a clear message that there is a requirement for a trade body ‘ and someone needs to lead the way.’
A total of 500 brokers completed the Future 500 Mortgage Survey which showed that despite recent press coverage indicating brokers are failing to register for their exams, the majority of those surveyed, already had.
Hurst said: ‘As 96% of the 500 advisers already hold or are set to take a mortgage qualification, it shows those who take the mortgage industry seriously have the situation in hand, which is reassuring.’
When asked whether the Sellers Pack should be abolished, 36% said yes, 29% said no and 35% were unsure.
Brian Pitt, managing director of Future Mortgages, said: ‘This is one of the more surprising results in the survey. The Sellers Pack has received criticism from almost every quarter including estate agents, the Consumers Association and those in the legal profession. The split of opinion is remarkably close, with only a slight majority believing it should be abolished.’
The survey also showed 41% of brokers class remortgaging as their main source of business.
Pitt said: ‘Remortgaging still takes the lead as it has done for some time, but it is very interesting to note that the first-time buyer market is still buoyant despite press and media assertions to the contrary. It may be harder now than ever before for borrowers to take the first step on the property ladder, but over one in three are still making the grade.’