So what have we learnt from the first dual pricing episode in 2008 and how are we reworking our business models – if at all?

Here are three options:

1. Do nothing. You can ignore the facts these better rates are out there, and hope that your clients do too. You run the risk of losing the mortgage and your credibility with the client – but picking up all the rewards if they are none the wiser.

2. Some brokers now agree their fee upfront with the client, with the proc fee paid to the client on completion. As a result – the direct option could look less attractive overall as the client has to fund the missing proc fee. This is rather clever and furthermore getting the client to agree to pay a bigger fee might enhance your credibility.

3. Charge the client a small fee to source the client the best mortgage, including  the direct only market. Ensure that it is proceedable, make it easy for the client, pick up the ancillary business, the small fee and establish the relationship for the future.

The first dual pricing episode caught most of us out old. It remains an awful way for lenders to conduct business with their trusted introducers. Worse was the effect it had on the client relationship. After years of promising to find the best deals – suddenly doing so would put you out of business quickly.

By 2007 it seemed every Tom, Dick and Harriet had become a mortgage broker, and were making some money by selling mortgages to their friends.

But now only the committed remain. So maintaining the client relationship is key. Anyone still plugging on with option one is surely living in the dark ages.

Dominic Hennessy is principal at mortgage advice firm Just Us Financial Solutions