The death of the exclusive

Mortgage clubs are having to evolve in the face of fewer exclusive products, writes Phil Whitehouse, head of TMA

There have been fewer and fewer exclusive mortgage products coming to market since the start of the year and it looks like this could well continue throughout the coming months as lending tightens and lenders become more choosey about where they place their business.

Most brokers love exclusives as we all feel that with an exclusive we have an edge with our customers – mortgage clubs as well as our members. However, in the uncertain market that we still operate in lenders are considering their financial position more closely than ever and it appears that they no longer have the appetite to put as many exclusives into the market. Many lenders could also be under increasing pressure to put more business direct through their branches.

Several lenders who are still committed to the intermediary market are now competing on service rather than just on exclusive products, for example by giving brokers direct access to underwriters, having an underwriter dedicated to your case and quicker service rather than the “stack ’em high