Leadbay has reduced the LTVs on its leads for the second time in two months and is insisting that borrowers have realistic deposits that lenders are likely to accept.
The lead generation firm says it ensures borrowers have realistic deposits in place for every mortgage type or it won’t offer them as leads.
Leadbay says this means brokers have a better chance of earning money from the leads they buy. It also refunds the costs of uncontactable leads.
Grant Stevens, managing director of Leadbay, says: “Lead generators have a responsibility to treat their customers, i.e. brokers, fairly just as brokers have to treat members of the public fairly.
“To offer good quality leads we have to provide brokers with clients who have realistic deposits. This is why we have slashed the LTVs on our leads twice.”
He adds: “Good quality leads are essential at all times but especially in such tough market conditions. Our broker-led response to these difficult times will help brokers who purchase our leads.”
Colin Jackson, director at Baronworth Investment Services, says: “This is a sensible approach. Anything that saves time for brokers is crucial because lenders are changing their criteria rapidly.”