BLSMEXPO 2014: Malone: This is the year of the broker
Speaking at the Blimey Loans Mortgage and Finance Expo Scotland Malone said mortgage brokers were set to come into their own.
He said: “There is so much good in the intermediary market. We have seen many brokers leave the market for various reasons and we are now left with a nucleus of brokers who want to do the best for the client.
“Having gone through the worst five to six years the market has ever seen things are improving. 2014 is going to be the year of the broker.”
Malone’s sentiments were echoed by Robert Sinclair, chief executive of the Association of Mortgage Professionals, who predicted a massive increase in intermediary business levels.
He said: “Gross mortgage lending for 2013 came in at £177bn. The intermediary share of the market in of the market in 2012 was £72bn, in 2013 it was £105bn and we think it will be £130bn in 2014 and probably slightly more than that in 2015.
“That means as an industry we will have gone from £72bn to £130bn in just two years. Anyone sitting in that space should see it as a great opportunity and want to be part of it.”
The Blimey Loans Mortgage and Finance Expo Scotland is the first show of its kind in the country for over seven years.