Many mortgage advisers face extinction - Crosby Report

In his interim report on the state of the mortgage market, Crosby also warns a long-term lack of mortgage finance could make the downturn in house prices and consumer spending far worse. He says the crisis is affecting both lenders and distribution channels and could have a devastating impact on some adviser businesses. "Faced with much lower volumes and lenders switching back to distributing through their branches, mortgage intermediaries, hitherto an important source of price competition on behalf of consumers, are under intense pressure and many will disappear," the report says. Mark...