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Brokers should prepare for incoming product transfer spike by July – TMA

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  • 18/05/2021
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Brokers should prepare for incoming product transfer spike by July – TMA
Mortgage brokers should begin planning from July for a surge in product transfer activity for the rest of this year and beyond, TMA Club’s Lisa Martin has advised.

 

The club’s group development director said figures held by consultancy firm CACI showed a large number of mortgages would be maturing soon.  

Earlier this year, Kate Davies, executive director of The Intermediary Mortgage Lenders Association said 700,000 fixed terms were set to mature this year 

Meanwhile Andrew Ferguson, managing director – buy-to-let, at West One Loans hinted that remortgage buy-to-let activity from last year had continued into 2021. 

Martin said: “[Brokers] should be preparing themselves for all the different spikes this year for product transfers and actually writing themselves a plan for 2022.  

“Given the numbers that we can see coming through for 2022, for product transfers, that plan should be written by end of July.” 

She suggested there was still “plenty of business” in broker’s existing client banks and said advisers should only focus on what they can manage in the uncertain property sector. 

Martin also said brokers should use the opportunity to promote themselves to their clients and get back in touch.

She said: “We know that supply and demand in the housing market is poor; in terms of [a current lack of] supply and [buyer] demand is mad. Try and stay focused on what you can influence.” 

“It’s about structuring your business in such a way that you absolutely put your existing customers at the forefront.”  

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