The Association of Mortgage Brokers’ board will meet next month to discuss how it can tackle an expected shortage of intermediaries brought on by mortgage market review.
Robert Sinclair, the trade body’s director general, said the mortgage industry could no longer rely on banks training young mortgage brokers as it has done in the past and predicted a shortage arising by 2017.
He said: “I think there is still capacity in the market for volume to grow by another 20 per cent before we hit a buffer. In a naturally growing market that would be in 2017.
“This will lead to a deeper discussion about the return we get for the work we do.”
Network view
Jon Round, group financial services director at LSL Property Services, said: “The mortgage market review created an extension in the time it takes for someone to arrange a mortgage. Each interview needs a bit longer so either you need more advisers or the existing advisers need more hours in the day.”
