Mortgage brokers 'must change with the market'

Date:Friday 31st October 2008

Mortgage brokers need to show they can analyse the entire mortgage market in order to stay afloat in current times, it has been said.

Writing in Mortgage Introducer, the managing director of Home Buyer Systems called for "healthy industry debate" on the topic of charging fees to mortgage customers and stressed the importance of being able to research the market fully.

Richard Angliss called for mortgage brokers to have a "statistically robust comparison tool".

He explained that the issue is not only one of charging customers to have their mortgages arranged, but of mortgage brokers being able to prove they can research the entire market thoroughly.

Mr Angliss said that while many mortgage brokers want to return to the times of "generous proc fees from lenders", only those who can "change with the market" are going to succeed ultimately.

Meanwhile, BuyAssociation has urged people to be "realistic" when selling their properties.

Property editor Paul Collins said that sellers should identify a target market and find out what such a market is looking for and what they will find attractive in a potential purchase.