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Promise slates lead firms

Promise Finance has slammed lead generation firms as inconsistent and warns they need to up their game if they are to survive in the industry.

Steve Walker, managing director of Promise Finance, a secured loans and mortgage broker, compared buying leads to cooking a curry – it may taste great the first time you make it but it probably won’t taste the same the second time.

He says: “Some leads are good but most are bad. Lead generation firms tend to supply great leads for the first couple of weeks but then the quality seems to be compromised.”

Although Walker sympathises that no-one can get it right 100% of the time, he warns they must be better if they expect to survive in the industry.

He adds: “Lead generation companies need to target better and work out what brokers want.”

However, Nat Daniels, managing director of Mortgage Angels, says the reason the quality of leads appear to deteriorate over time is down to brokers rather than the companies that originally generated them.

He says: “Lead generation firms don’t start off with good leads and then switch to worse ones – our quality remains the same throughout. The only common denominator in this is brokers.

“Not getting to clients quick enough is the biggest reason the quality of leads deteriorate because every hour their conversion rate goes down. Advisers should remember that.”

Vanessa Blount, head of, says: “In the past unless a broker was using a reputable company or checking the validity of the lead this sort of inconsistency could happen. But today brokers can stop this by checking where the leads are sourced from before committing to buying them, and testing before paying.”


Hamptons recognises industry excellence

Hamptons Mortgages held its annual awards dinner at Vinopolis in London last week. Some 230 people representing the great and the good of the industry were in attendance with 16 awards handed out on the night. Jonathan Cornell, technical director at Hamptons Mortgages, says: “We were delighted to be able to recognise and reward excellence […]

UCB Home Loans relaxes buy-to-let lending criteria

UCB Homeloans has made several changes to its buy-to-let products.It will now consider houses of multiple occupancy on a single assured shorthold tenancy agreement, providing they are single dwellings, let to four tenants or less. UCB will also allow lettings to companies, housing associations and local authorities.As well as the buy-to-let enhancements, UCB are withdrawing […]

FSA publishes anti-money laundering tool

The Financial Services Authority has published an anti-money laundering self-assessment tool.The aim is to prompt small firms to focus on and satisfy themselves that they are addressing their legal and regulatory obligations to combat financial crime. This follows the move to a more principles-based approach to anti-money laundering controls that was introduced on September 1.The […]

Mortgageclearing sets fee at £9.99 a month

The newly-launched underwriting system from will be available for a fixed fee of £9.99 per month. Paul Griffin, managing director of MCO, says: “Brokers who have been trialling the system have given us feedback that they would prefer to be charged a fixed monthly fee rather than a click fee for cases and we believe […]


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