The trustworthiness of lenders is increasingly coming under the spotlight when brokers are placing business, according to a new survey.
The research, by United Trust Bank, found that the majority of brokers said they were increasingly looking at lenders’ reliability and stability.
Nearly two-third of brokers (60 per cent) said these factors were important when placing new business. A total of 36% said they were not important, and 4% said they did not know.
United Trust Bank’s group managing direct Harley Kagan says: “In uncertain times it’s natural that brokers and intermediaries want complete confidence that the lenders they recommend to their clients are going to deliver the funds and the service they’ve promised.
“Many brokers know from past experience that in challenging markets some lenders may try to change their credit decisions whilst others have difficulty delivering a prompt service or releasing funds on schedule.
“It only takes one or two examples of a lender changing a deal for that to knock a broker’s confidence in the lender and the customer’s confidence in the broker.”