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Brokers urged to link with mutuals

National surveying firm Gateway is pushing intermediary firms to create stronger links with the building society sector.

Gateway believes that smaller niche building societies have weathered the financial storm well and that feedback reveals a growing confidence amongst these societies that the corner may have been turned.

Traditionally the smaller building societies have not necessarily looked for increased distribution via intermediary networks and it’s fair to say that intermediaries did not focus on this sector due to a plethora of alternative product providers.

However, there is now a greater willingness to lend than at any time over the past couple of years and brokers can and should benefit.

Marcus Radcliffe, managing director at Gateway believes that now is the time for broker firms to look closely at this sector.

He says: “The smaller, more niche, Societies we work with are becoming more open to controlled distribution outside of their geographical area. These products will typically be lower risk, low LTV products but there is still an opportunity for brokers to secure these deals for their customers.

“We work with a number of intermediary networks and thanks to our strong relationships with many of the smaller Building Societies we are seen as a trusted partner and as such are able to make the relevant introductions. People often talk about progress and exciting new opportunities and I believe that this new decade heralds many new opportunities for brokers. However, it’s important to recognise that new opportunities can come from old friends.”
 
 

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  • chris powell 4th February 2010 at 4:49 pm

    As underwriter for a small Building Society I can confirm that we offer niche products that the big boys can’t take simply because their systems are so inflexible. We take 50% of our business from brokers and have established loyal and mutually beneficial relationships with those brokers. We don’t credit score and I will discuss the case direct if needs be and it is incredible how many times a broker is amazed that they are speaking directly with the underwriter!

    So I say to the brokers out there – don’t just lean on trigold for your sourcing but speak to your local Society and see if they can help you

  • Raymond Hurst 4th February 2010 at 11:49 am

    Yes, You are right Marcus, Mutuals have a strong place in providing the customer! with choice if we are to go back to a to a more stable saving/mortgage market based on House purchase, which goes back to their origin,