As the nightmare that has been 2008 draws to a close, it is worth focusing on some of the good news that brokers can take forward into 2009, starting with the praise which they have received from the National Fraud Strategic Authority.
While not exactly giving the intermediary sector a clean bill of health, it is notable that the NFSA has been at pains to point out that the number of brokers committing fraud remains extremely small, and the fact that brokers have already begun to engage with the body can only be a good thing, as the sector tries to weed out its less than honourable element.
There is clearly much work still to be done, and it is vital that intermediaries take the bull by the horns and act whenever they have suspicions of their peers behaving in a less than honest fashion.
On the lending side, it has been terrific to see In The Loop Mortgages officially launch, and with Checkmate Mortgages due to enter the market in the first quarter of next year, brokers and their clients might finally see some choice and competition. With people like Linda Will and Stephen Knight at the helm, we can be confident that both will soon become significant players in the mortgage market.
There is also improving competition among the existing lenders, with Woolwich cutting a selection of its fixed rates by up to 0.7% this week. While this is only of benefit to those borrowers with a large deposit, it is nonetheless encouraging, and with Libor continuing to fall, there is cause for optimism.
And at least for now, the FSA’s Retail Distribution Review will not apply to the mortgage market, though how long that can last when so many brokers also advise in areas that do fall under its remit is anyone’s guess. Still, after 12 months that can at best be described as turbulent, we should embrace all the good news we can. n
