Almost half of brokers believe that, even after the initial distortion caused by the introduction of Home information packs (Hip) wears off, there will be a long-term decline in property transactions, research from the Intermediary Mortgage Lenders Association (IMLA) states
IMLA says intermediaries believe the introduction of Hips will lead to a decline in mortgage business as estate agents tie buyers into packages and sell them more mortgages. Almost three-quarters (74%) of mortgage brokers expect home buyers to be tied into packages by estate agents which will mean estate agents and their advisers will sell more mortgages, giving less opportunity for independent mortgage advisers. And 35% of respondents anticipate they will generate less mortgage business as a result. Most intermediaries (66%) anticipate a surge in property transactions prior to implementa...
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