As it strives to boost profitability and place foundations to become a contender to the four big high street banks, TSB has created an alliance with UK brokers.
Until recently, the lender has only provided mortgages through its existing network of 631 branches, which represented a small fraction of the mortgage market.
There are some who feel that brokers are an essential element needed by lenders to support their revenue and loan books, with the competition hotting up as lenders battle to secure the biggest market share. Even HSBC, one of the biggest banks in the world, has connected to the broker market with Countrywide.
Following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) in April 2014, increasingly tough affordability calculations and regulation placed additional pressure on lenders.
London and Country’s David Hollingworth explained:
“The broker market as a percentage of mortgage business has been growing, as lenders in the wake of the MMR look at alternative distribution channels to deal with capacity issues they have through branches. The intermediary market gives scope for them to increase distribution, so it is important for lots of lenders now.”
As a mortgage professional, having completed the relevant CeMAP training and passed the end exam, you will be the main point of contact for those looking to buy a house. Whilst your employer may determine the mortgage range you are able to advise on, you will be qualified and able to assess your customers’ needs and recommend the mortgage solutions most suitable for their needs.