Intermediary incomes to fall by a third in 2008

The AMI says the impact of the credit crunch on mortgage business is likely to continue through 2009, and is providing advice to members on how to deal with the market turmoil. In a research paper published today, AMI says net lending will fall to around £55bn in 2008, half the level seen last year, and is unlikely to increase in 2009. Incomes for intermediary businesses are expected to fall by up to 30% or 40%, remain flat in 2009, and begin a recovery from 2010 onwards. Business consolidation, closures and redundancies are expected across the industry until the market recovers. AM...