Members of the Legal & General (L&G) Mortgage Club have voted overwhelmingly against the use of dual pricing by lenders.
The club asked brokers to identify the best solutions available to lenders when credit is restricted and the vast majority said lenders should raise their pricing across all channels. The research aimed to try and move the industry on from the dual pricing debate to explore positive ways for lenders and advisers to work together. After pricing, the next best option was to tighten lending criteria or restrict distribution channels. Among the other suggestions made by brokers were for exclusive deals for first-time buyers, to replace proc fees with monthly commission and for more credit t...
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