Broker shortfall looms as half quit in three years

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The lack of quality advisers to service borrowers when mortgage sales pick up will be a major concern for the industry, according to an exclusive Mortgage Solutions report.

Its research, revealed by Ian Giles marketing at the British Mortgage Senate last week, estimated mortgage adviser numbers have fallen 56% from 33,000 in mid 2007 to 14,500 in May 2010. The market would have to rise from its current £143bn level to £215bn before the shortfall is felt, according to the research. Many firms may also be looking to quality new entrants as a better option than returnees. Roughly 60% of those who left the industry have moved into other industries, with 25% thought to have stayed in financial services, including banking and debt management. The notable se...

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