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Lenders prepare ‘attack’ on broker market share

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  • 21/05/2015
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Lenders are preparing an attack on the intermediary market share through developments in technology expected to hit the market in 2017, warned the Association of Mortgage Intermediaries chief executive Robert Sinclair.

It has been predicted that brokers will control 70% of the mortgage advice market by the end of 2015, with this expected to rise to 75% by the end of 2016.

But Sinclair warned the audience of brokers at the Financial Services Expo in Manchester not to be complacent.

Brokers were told that game-changing technology from banks would hit the market in 18 months to two years’ time.

“There will then be an attack from the lenders through technology,” said Sinclair. “But if we do the job right by getting close to consumers and staying close to them we can keep that market. We need to think about how we can build technology which allows us to get close to consumers.”

In a later panel debate, Alan Cleary, managing director of Precise Mortgages, echoed the caution to brokers to ‘make hay while the sun shines’.

“The big six are working on technology solutions to problems they are facing dealing directly with consumers,” said Cleary.

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