Calling on lenders to join fight for survival
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Mortgage Strategy is urging lenders as well as brokers to sign our petition and fight for the future of the mortgage broker industry.
The petition has notched up 738 signatures in less than a week since it went live on Mortgage Strategy Online last Tuesday.
It calls on the Financial Services Authority and the government to ensure the survival of brokers by adapting the Mortgage Market Review proposals so intermediaries can continue to play a significant role in the provision of mortgage advice.
Many lenders rely on intermediaries as their sole source of business and the futures of the two sectors are intertwined.
Peter Williams, executive director of the Intermediary Mortgage Lenders Association, says: “Brokers are an essential part of the UK mortgage market.
“We expect broking to remain a crucial sector that is central to offering consumers choice.”
He says costs will go up after the implementation of the MMR proposals, and it will be a challenging time for borrowers as costs will be passed on to them.
The closing date for signing the petition is August 31.
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