JEREZ 2006: Lenders predict network consolidation

Lenders have predicted increased consolidation in the network sector and competition hots up,

Speaking at the Mortgage Summit in Jerez on June 21 Charles Haresnape, managing director of mortgages at Bank of Scotland, says although networks play a vital role in the market there will be more consolidation to come and blood will be spilled.

Kevin Patterson, sales director at Park Row, accuses some networks of having a laid back approach to regulation, but says this will all change once they start to get slapped by the Financial Services Authority.

He also questions how networks are making any money as they have tiny margins.