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UK political vacuum exaggerating Brexit strife – Sinclair

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  • 29/06/2016
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UK political vacuum exaggerating Brexit strife – Sinclair
A lack of political leadership following the EU referendum vote is exaggerating the existing turmoil, Robert Sinclair, CEO the Association of Mortgage Intermediaries (AMI) has warned.

Addressing delegates at the Financial Services Expo in Cardiff, Sinclair said the fact Wales has its own Assembly, and Scotland its own government, might help mitigate against some problems given their greater control in specific areas, notably housing.

However, he said the mortgage market has essentially seen little change since the Brexit vote and that the wider economy and political situation would not change significantly until Article 50 had been invoked by the government.

He said: “These are the strangest times of any of our lives. However, our world is really in the same space it was two weeks ago. Housebuilders, despite their share prices taking a battering, still want to build; the big lenders still want to lend money. In our world that will not change although we may see consumer confidence change and it’s up to us, as advisers, to deal with consumers and reassure them.”

Following Friday’s surprise announcement, some lenders moved to publicly reassure brokers it would be business as usual after the Brexit vote.

Mike Jones, head of intermediaries at Lloyds Banking Group, said: “We remain committed to our purpose of helping Britain prosper, serving the financial needs of our customers to support them throughout this period and beyond.”

He said the UK’s biggest lender has been in close contact with brokers while servicing enquiries with business development managers, with national account managers also available to answer questions.

Santander’s managing director of the mortgage division, Miguel Sard, which announced some application updates today, said: ‘We remain committed to the market. Business flows are strong and the mix of purchase, buy to let and remortgage remains the same.

“We continue to use the same lending policy. EEA nationals living and working in the UK and those customers who earn some salary in the main world currencies are still welcome in our business channels, be they intermediary, branch, telephone or online.”

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