Poll
Pritchard's Piece: Exclusive agencies
Another week passes and the industry has been busy with new and innovative products for the second half of the year. Many of you will remember my comments about some of the new lenders coming into the market a couple of months ago and those that bothered to do their research have benefitted by being given exclusive agencies!
I am constantly surprised by the lethargy of some brokers when it comes to looking at products out there, but I suppose that makes it easier for those that do.
Most of you who work in the seconds market also deal in the Bridging and Commercial market, which has its Awards on Thursday of this week, as I have said in my previous blogs.
I look forward to seeing many of you there and getting heckled when presenting the Personality of The Year Award, which this year is going to a very well-known industry stalwart who deserves some personal recognition. Let me congratulate in advance those also nominated as it was a very strong list this year… the runner up was “The Grim Reaper” who has said he will be happy to wait for his turn to repay all the judges.
With regard to the rest of the market, there continues to be a lack of liquidity in the first charge lending sector (especially for intermediaries), which means that seconds are becoming more popular with clients who struggle to meet the stringent criteria required. This gives you all a great opportunity to point out the advantages of using secured loans to meet the clients’ needs. Take the chance while it is available!
First charge lenders are seemingly moving away from the intermediary because the cost of acquisition is still higher than direct, although I am not entirely convinced I am sure it has something to do with the significantly higher fraud statistics from introduced cases that are regularly reported, an area where the claims vultures are starting to circle with regard to the likes of self-cert mortgages etc. I have heard arguments from both sides now (lender and client) stating that they are the ones that have been the victim. It will be interesting to see how this unfolds over the coming months and what the court rulings state. Anyway another scandal will not help the industry no matter what the outcome.
Have a good week,
TP
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