Tim Hague, managing director of mortgages at BM Solutions, says it won’t be attending the 2007 Expo because it would be an inefficient use of its budget in light of the number of brokers it has successfully targeted at the event in the past.
Roland McCormack, managing director of B&W Mortgages, adds: “The Expo used to be an ego statement with lenders battling it out to have the biggest stand, but increasingly people are looking at the cost and asking whether it is worth it.”
Both lenders anticipate others will also shun the event, which is being held in Manchester in May and London in November.
Hague says: “In the past there was a compulsion to participate but people are realising they aren’t getting value from it.”
Jeff Knight, director of marketing at GMAC-RFC, admits it is taking a long look at whether the Expo adds value to its business.
He says: “The Expo seems to deliver value to brokers but other than small players I’m not sure it benefits lenders. There must be an alternative.”
It is not yet clear how the rest of the HBOS group will respond to BM Solutions’ decision. A spokesman for The Mortgage Business says it will be at the Manchester event although it does not plan to take a stand in London.
A spokesman for Halifax says it is too early to confirm whether it will ex-hibit at the event and a spokeswoman for Intelligent Finance, which has sponsored the show in the past, says its marketing plans for 2007 are not confirmed.
Show director Daniel Nwaokolo says: “Getting value for money and return on investment are crucial for exhibitors and I encourage them all to talk to the Mortgage Business Expo about their show objectives so we can explore ways these can best be achieved.”