Brokers were being encouraged to offer the whole of market and branch out into branded lending at the Jerez Mortgage Summit today.
Speaking at the summit Charles Haresnape, managing director of mortgages at Bank of Scotland says that the future looks good for intermediaries, however to secure their future they need to start thinking about new services they can offer the customer.
He says: More mortgage brokers are starting to become client advisers, and we would very much like to help the intermediary in terms of better integration and technology, and enabling them to offer the whole of market.
Kevin Patterson, sales director at Park Row warns that brokers could risk falling by the waste side if they do not act now.
He says: Although brokers have a good and unique service to offer there is the danger that unless they are prepared to deliver outstanding advice to the consumer than they could fall by the waste side. Mortgage brokers cannot relay on doing the same business as they already do, but have to look at cross-selling.
However, Ray Boulger, senior technical director at John Charcol expressed concerns of brokers using branded lending to offer the customer a better deal, and says that sometimes it is just better to stick to lenders products.
He says: If John Charcol were to offer branded lending, we would have to look at whether that would be the best thing for the customer. If a broker was to offer a branded product there would always be the argument of whether it was the best product for the client, It may be the best thing to offer the client exclusives through other lenders. It may be best to have the best of both worlds and be able to offer deals with lenders when we need to.