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Mortgage advisers could see £12bn extra business in 2013

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  • 07/02/2013
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Mortgage advisers could see £12bn extra business in 2013
AMI expects adviser mortgage market share to rise from £70 to £82bn in 2013, driven by the raft of favourable factors supporting the advice and mortgage sectors in 2013.

“The road ahead is about to get better and better for you guys,” said AMI CEO Robert Sinclair, introducing his presentation at First Complete’s Top Performers Conference.

Sinclair listed several driving factors for an improved year, but added: “If we do our job as advisers well, lenders will want to come to us to do more business.”

His market drivers include the high cost of fully-advised sales pushing lenders toward considering outsourcing fully-advised sales, new lenders entering the market and massive pent up demand from the three million homeowners who want to move or remortgage.

“If 10% of the three million appear this year, that’s 300,000 extra cases,” he added.

On the FSA’s Mortgage Market Review, he said: “None of the MMR changes are killer in themselves, but when you place the changes layer on layer, all of these will make it all but impossible for some lenders to do anything but offer fully-advised sales, one way or another.”

Sinclair also projected the many lender’s retention call centre teams would disappear after 2014.

“So there are great opportunities for advisers this year. The FSA’s broker numbers out at the end of last year stopped falling for the first time since the housing market collapse. In all likelihood, RDR will push those figures back up again,” he added.

“This is all positive news and goes to show, things are getting better.”

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