Brokers give MMR thumbs down
Share
Brokers have little faith in the Financial Services Authority’s Mortgage Market Review, with 70% saying its recommendations are more likely to make life worse than better for consumers.
More than 70 brokers who attended Platform’s interactive seminar last week at the Mortgage Busi- ness Expo voted on issues affecting the market.
Only 9% believe that the MMR would make the market more flexible and sustainable for consumers, with 21% not sure.
On the question of pinning down the biggest threats to the intermediary sector, 42% identified restricted criteria followed by dual pricing at 28% and tighter regulation at 21%.
In terms of what brokers thought was the most important thing to come out of the MMR for lenders, 28% named income verification, 31% said the plan to ban self-cert and 16% said regulation of the buy-to-let and secured loan markets.
Brokers also made their feelings clear with regard to the service they have been receiving from lenders recently.
When asked whether they expected the intermediary share of the market to grow in 2010, 40% said it would stay the same.
Lee Gladwell, director of sales and propositions at Platform, says: “The results of this survey show that many brokers are feeling neglected by the industry, which comes as no surprise.
“The research we conducted before launching our mainstream mortgage proposition revealed a similar theme.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
