Brokers offer advice on gas and electricity

Mortgage brokers are branching out and starting to offer advice on gas and electricity supplies along-side mortgages, a study by Data-monitor has revealed.

Rod Logan, financial services analyst at Datamonitor and author of the report, says: “Despite the government’s efforts to get banks lending again, lending levels remain low, so brokers need to find other avenues to survive until the upturn.”

Three-quarters of survey respondents said they were maximising cross-selling and commission opportunities to compensate for lost income in other areas.

Robert Sinclair, a director of the Association of Mortgage Intermediaries, says he commends brokers’ entrepreneurial spirit.

He adds: “They are selling products that all consumers need but I doubt it will become mainstream and we will not be issuing any guidance to our members on it.”