I have just read your story headlined ’Lending could be constrained for next five years’ (Mortgage Strategy Online) which states that according to the Council of Mortgage Lenders, lending could remain subdued for up to five years as lenders grapple with a £300bn funding gap.
While I know people are intent on concentrating on bad news and predicting doom and gloom, can we just take a step back and look at the bigger picture?
Yes, the big boys seem determined to cut out brokers and restrict lending but this situation will not last.
We should be looking to the market positives such as the relaunch of Kensington as a lender that deals only with brokers, as is also the case with igroup and the Aldermore launch which is imminent.
I for one am happy to get my head down and work through this difficult time because I know there are better times ahead for intermediaries
I suspect these will be the first of many lenders that never consider credit scoring and direct dealing. Big banks are trying their best to retain funds rather than lend. It’s much easier to decline a case to a member of the public than to a broker as pathetic excuses will wash with them.
Brokers will be around for a long time yet, although it may be harder work than in the past. I for one am happy to get my head down and work through this difficult patch as I know there are better times ahead for intermediaries.
Lenders need to lend and the broker channel will still be there for them when they choose to use it. The control is with them now but this was not the case in the past, and won’t be in the future.
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