Brokers go for super-size option

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Five of the UK's largest mortgage brokers have clubbed together in what they are stating is a loose coalition designed to give them better bargaining power with lenders.

And while it remains a very distant possibility, the head of the new coalition Andy Pratt, chief executive of Alexander Hall, admits this initial loose association could be the first step towards the creation of a super broker in the future. Earlier this year a report published by consultants KPMG forecast the larger mortgage brokers night in the future consolidate to form super brokers similar to those which exist in the US. The report also suggested such super brokers would develop their own products, which would be distributed through a massive broker workforce, with loans passed onto ...

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