One in ten brokers turn down complex cases
Around one in ten brokers say they will turn down cases which do not fit standard High Street lending criteria.
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The research for Kensington found that 10% would simply walk away from a case which cannot be placed on the High Street, despite a wide range of other options including going direct to a specialist lender or referring to a packager.
Around 37% of brokers say they would go direct to specialist lenders while 17% would refer the case to a packager. The other 36% say they would look for alternative lenders on their own sourcing system.
The research also found that so-called complex cases are on the rise. The brokers surveyed see on average five clients a month who do not fit standard lending models.
Steve Griffiths, Head of Sales and Distribution at Kensington, said:
“Brokers are pressed for time and need to focus on building their businesses but there are alternatives to simply rejecting cases which look too complicated.
“That is why in the coming weeks Kensington will be investing in ways to help brokers identify and place specialist cases."
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