Mortgage News
Advice for fees on the increase
New research conducted by RBS Intermediary Partners (RBS IP) has found that the majority of mortgage intermediaries (56%) have already started charging their clients fees for sourcing mortgages.
The poll also found that 14% were actively considering introducing fees but that a fifth (21%), were not considering it or believed that they would never charge a fee.
The research found that the biggest challenge facing two-thirds (69%) of the brokers questioned was replacing the lost income from the lower demand for mortgages. This was followed by the issue of finding new clients (40%), managing cashflow (34%) and dealing with regulation (29%).
Less than a fifth (19%) saw the move to fees as the biggest concern and only 13% were worried about cross-selling to existing clients which could be because the majority (77%) have already diversified into non-mortgage areas.
Lawrence Della Valle, head of specialist products at RBS IP, commented: “It is unsurprising that the biggest concern facing brokers is the preservation of income streams, but there is evidence that they have been addressing this in their move to fee charging.”
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