Brokers say commission has fallen in last year

A total of 57% of mortgage brokers feel commission has fallen in the last 12 month, data from borro reveals.

A survey of 454 brokers at this month’s Mortgage Business Expo found nearly 40% of mortgage brokers found high LTVs the biggest hurdle for their clients in 2010.

Six in 10 respondents also thought the market would not improve next year, and was expected to stay stagnant.

The survey found that 21% of brokers say a client’s ability to prove their income was a big obstacle in 2010.

Only 13% felt that high house prices had been the biggest challenge of the past year.

Paul Brett, business development director at borro said: “We’ve identified a gap in the market for a short-term finance solution for brokers to offer to clients that provides the introducing broker excellent commission rates.”