Brokers have been praised for realigning their business models to capitalise on the changing market conditions by GE Money Home Lending.
Anthony Radford, sales director at the lender, says: “Brokers’ alertness to anticipated changes in the industry will ensure they are prepared to navigate changing market conditions over the next six months.
“With the support of lenders, brokers will be well placed to capitalise on opportunities to expand their sales and product offering.”
New research published by the lender today reveals that 52% of brokers believe there will be increased consolidation in the broker market over the next six months, though increasing numbers of smaller brokers are expected to adapt their business models to survive.
GE’s research into the business strategies employed by mortgage brokers over the next six months reveals that brokers’ primary focus is likely to be increased diversification, with over 70% of respondents agreeing that this was the case.
Radford adds: “Brokers increasingly recognise that they will need to diversify if they are to remain competitive in the market place, attracting new business in the face of a changing housing market.
“We have already witnessed a number of brokers who are taking the initiative to offer both first and second charge loans, with some going further such as sourcing overseas mortgages for clients.”