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Brokers must not put all their eggs in one basket with five-year fixes – Montlake

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  • 09/09/2019
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Mortgage brokers have been warned they need to find alternative sources of business due to the volume of five-year fixed rate deals being completed.

 

Speaking on Mortgage Solutions Television in association with BM Solutions, Coreco managing director Andrew Montlake noted how important it was to have a diverse strategy.

Montlake was responding to concerns about the volume of five-year fixed rate deals being completed in the buy-to-let sector and how this could hit the broker market.

“Let’s be frank, a lot of it is down to clients wanting a certain level of gearing on their properties and at the moment in a lot of cases it only fits on a five-year fix basis,” he said.

“But in terms of filling the gap, as brokers most of us do this anyway, you’re constantly looking at the market, you’re constantly looking to see how can you service your clients better?

“If that section of the market stops where are the other sections of the market? You’ve got to be constantly looking at things.

“I think we’ve all learned painful lessons from the past where you put all your eggs into one basket, but there’s no proof that market always continues. So you’ve constantly got to be adapting,” he added.

 

 

The panel comprised:

Victoria Hartley, group editor, Mortgage Solutions

Phil Rickards, head of BM Solutions

Andrew Montlake, managing director, Coreco

Doug Hall, director, 3mc

 

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