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Over half of brokers have changed network or mortgage club – poll result

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  • 26/10/2018
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More than half of brokers have changed their network or mortgage club at least once, as less than one in four are planning to do it in the future.

 

Mortgage Solutions polled brokers on whether they have changed their network or club, with 51.1% saying they did it in the past, whilst 25% replied negatively.

Around 23.9% of brokers said they have not decided yet, but are thinking about it.

Dominik Lipnicki, director of Your Mortgage Decisions, revealed that the business changed mortgage club from Premier Mortgage Services (PMS) to The Mortgage Alliance (TMA) following staff changes at the clubs.

He said: “It was all about people. We had great relationships with the people we worked with [at PMS], so when they left we decided to follow them.”

Alex Smith, mortgage adviser at Capricorn Financial, said that changing mortgage club or network has never been his direct choice.

He added: “However, when I join a new company, the first thing I see is the network and how many lending solutions it may offer, to avoid poor networks.”

 

Networks should guarantee valuable offerings

Andrew Montlake, director of Coreco, said that it is up to the network to stay relevant.

He said: “There are a lot of things going on digitally at the moment and we do not know exactly who is doing what, but good networks guarantee good offerings in terms of technology.”

Craig McKinlay, sales and marketing director at Kensington Mortgages, agreed saying that each network offers something different and it depends on what brokers want.

However, Shaun Church, director of Private Finance, revealed that he has never changed network or mortgage club.

“The service has always been good enough and I may change [but] only for a good reason,” he said.

Lipnicki agreed with him advising that brokers stay with their existing network or mortgage club if it works well.

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