Direct products overshadow number of broker deals

Broker-only products available at over 80% LTV represent just 21% of the products on offer across direct and broker channels, figures from Home Buyer Systems reveal.

The data also shows that over 75% LTV broker products account for 30% of all available direct and broker deals.

The total number of broker products available represents 42% of the market as a whole.

Home Buyers Systems launched the HBSLite system, which offers whole of market sourcing, a year ago.

Richard Angliss, managing director of Home Buyer Systems, says brokers need to be able to access direct deals to gain access to the entire market.

But he says: “Very early on we learnt that simply providing direct products causes more problems than answers.

“What was required was a sales process to ensure if a direct product was going to be recommended then advisers must be able to earn at least as much as if they were paid a proc fee.

“We have worked with our customers to build that sales process from which they are now profiting.”