NDL conference: Brokers not holding on to clients

Tim Hague, managing director of BM Solutions says that it is seeing an increase in the number of cases coming to it that are being remortgaged by different brokers.

He says that not so long ago it was seeing around 40% of the cases coming in for remortgages from a different broker that had placed the original deal, but now he says this is growing even more.

He says: “For us it used to be a third of cases, but this is getting worse.”

He also stressed that brokers need to manage their business in different way because of the current climate.

He says: “Lenders are not giving as much notice when they are pulling producst, brokers need to educate clients and make them aware that the product might not be out there for long.”