Well this month it’s time to be positive and I mean really positive!
The number of brokers in the market now is at a stage where it matches the volume of lending in the market.
So time to stop any bleating about there not being enough business out there as there is plenty if you know how to get it.
I know of a lot of firms who have a nice problem at the moment in that they need to recruit as they have more business than they can cope with.
Case in point, the guys at MAB led by the staunch Fulham supporter (ok he can’t get everything right) Pete Brodnicki.
MAB made £1.9m profit last year and have now acquired the top class team at Mortgage Talk without spending any money.
More acquisitions may follow and this time the mighty Brodnicki may well be using his cash hoard.
The call is already out there “let us buy you for cash and you will be joining one of the best run intermediary businesses”. Not a bad call at all.
Other notable people moves this month included the re-structure at Nationwide so the same person is responsible for mortgages and insurance.
I can see that leading to Nationwide having an intermediary offering on GI alongside their mortgages.
The intellectual David Tweedy at Platform has been parachuted into the wider Co-op group as it appears their bid for Lloyds Banking Group’s branches looks like it’s going pear shaped.
Good luck David and I hope it goes well albeit if it does we may not see your return to Platform.
Other good news: there was nothing of any note in the Chancellors budget that could upset the market.
The government NewBuy guarantee scheme did launch with three lenders and the likes of Halifax and Santander will be launching in due course.
The confusing thing here was the stance of the three lenders to the intermediary market with Nationwide and Barclays both proclaiming that the intermediary channel will be the primary route for their products whilst the odd people at NatWest said their deals were not available to intermediaries.
Come on guys get your act together and open up these products to clients who are seeking independent quality advice.
Mention must go to the team at Portillion. Four years spent sitting twiddling their thumbs after building a business infrastructure it looks like it has now bitten the dust as they have withdrawn their FSA application. Honestly guys it is now time to stop flogging the dead Portillion horse and move on.
