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Brokers feel undervalued by lenders: Cherry survey

The mortgage adviser for Essex-based The Partnership said intermediary sector service levels were low, especially when compared to the direct-to-consumer propositions of banks and building societies.

Mr Brotherton said: “As brokers, we have to battle on in spite of the lack of help we get from the lenders.

“This is especially the case when you actually want to speak to someone. You could be waiting for 45 minutes, but if you call the consumer line, someone will answer straight away.”

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He said that it seemed advisers were “just a means to an end” and this would not change with the incoming mortgage market review, which is due to be implemented in April 2014.

Mr Brotherton added: “I’m already seeing examples where people go to a bank branch and basically speak to an in-house adviser over the phone.

“That’s how I believe the big lenders will deal with the need for mortgages to be sold on an advised basis, rather than engaging with intermediaries.”

Mr Brotherton’s comments followed a survey of 401 advisers on online intermediary forum Cherry, which revealed that just 10.7 per cent of advisers believe lenders valued them, and only 12.5 per cent thought lenders considered the needs of advisers.

Donna Hopton, director of Cherry, said: “More and more brokers and advisers are prepared to vote with their feet, so there is no room for complacency from lenders.”