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Mortgage broker firms plan expansion – Paragon

  • 27/02/2024
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Mortgage broker firms plan expansion – Paragon
Nearly four in 10 – 38 per cent – of mortgage intermediary firms plan to expand, a survey revealed.

Despite challenges in the market, a poll conducted by Paragon Bank found most mortgage broker firms were looking to increase their headcount.

Some 48 per cent said they wanted to hire experienced advisers who could do the job immediately and potentially diversify into complex markets. 

According to the survey, three in 10 mortgage broker firms were planning to recruit trainee advisers and support their career growth, while a quarter wanted to hire paraplanners to help advisers with administrative tasks. 

Just seven per cent of mortgage advice businesses said they would be scaling back their operations. 

Richard Rowntree, managing director for mortgages at Paragon Bank, said: “It’s really encouraging to see intermediary firms expanding – it gives a good indication of the strength of the market and could be viewed as a reflection of the more positive outlook for this year.” 


Recruiting the right mortgage brokers 

The survey of 330 found that there were challenges when it came to recruitment, with a third saying it was ‘fairly difficult’ to attract new staff and 31 per cent saying it was ‘very difficult’. Just five per cent said it was ‘very easy’ to recruit staff, while 19 per cent said it was ‘fairly easy’. 

To work around this, firms have been upskilling their existing employees instead, with nearly half of the mortgage brokers polled saying they had introduced or were planning to bring in career development programmes. 

Additionally, 31 per cent of firms will invest in their technology and 30 per cent will improve their marketing. 

Rowntree added: “While I’m aware of the difficulty for those looking to take on experienced advisers, in line with data pointing to a tightening of the broader labour market in the UK, it’s reassuring to see that firms are mitigating any resource shortfalls by developing existing employees or investing in marketing and technology. 

“Doing so will help to ensure that there is a wealth of talent available, both now and in future, to support borrowers with sound financial advice to guide their investment strategies.” 

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