Speaking to brokers at The Mortgage and Protection Event 2013, chief executive Paul Merrigan said the intermediary share of the mortgage market is growing – but not necessarily for long.
He said: “In a couple of years lenders will have found a solution. They will come back to dual price. They will come back to all of that. Don’t be fooled into a false sense that this is a fantastic market place. It is, but the thing that will differentiate you is trust from clients.”
Brokers must stop being “loan rangers” in a mortgage “silo” and collaborate with other advisers in the protection and retirement spaces if they want to stand out, he said.
They must take advantage of the emotional bond they develop with clients, he added: “Mortgage brokers spend three months with clients. They talk to their lawyers, their accountants and solicitors. They go through tears with them, they go through happy times with them. It is a really emotional thing.”
