Magellan Homeloans managing director Simon Read warned brokers that venturing into tax advice was a real danger and should be absolutely avoided.
Speaking on Specialist Lending Solutions Television in association with Castle Trust and Magellan Homeloans, Read noted that tax is “one of the dangers that intermediaries face”, as they want to advise on areas like limited company buy-to-let, but do not want to cross over into delivering tax advice.
He said: “There is an opportunity here to put a package together for clients, to say we are the mortgage broker, we’re partnered with a tax adviser, and we’ll come to you and work together to give you a framework for your forward plans.”
Read added that this sort of partnership could help brokers reconnect with established clients too.
“I would really urge brokers to go and find a good tax adviser that they can introduce to their clients.
“Because it has given people a chance to go back to clients – perhaps what I would call the ‘steady, two-year fixed roling clients’ – and actually say, look let’s go into the detail, what are you trying to do, what are your business objectives?”