Mortgage News
Mortgage dual pricing will be ‘a thing of the past’ – Barclays’ Finlay
Barclays intermediary channel managing director David Finlay anticipates the end of dual pricing as lenders look at their post-MMR sales strategy.
Finlay, taking part in a panel debate at myhomemove’s conference, was asked whether lenders would move towards having a single price across both direct and broker channels.
He said he expected lenders to slowly move away from a dual pricing structure ahead of the new regulation structure, which comes into place in April 2014.
“I think the differential between a direct and intermediated price will continue to get smaller and I think it will probably disappear in all honesty,” he said.
“I think customers are too acute now, they’re very well advised and they are more than aware that they can come to you [brokers] and get good advice. I genuinely believe that dual pricing is probably going to be a thing of the past.”
His comments followed a presentation by AMI chief executive Robert Sinclair who said lenders could be forced to shrink their product ranges under the new MMR rules.
Industry, not regulation, must lead later life lending change
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