Another five new or returning mortgage lenders will launch into the intermediary market this year alone excluding the Bank of Ireland, predicted Legal & General Mortgage Club bosses.
Speaking ahead of the L&G Mortgage Club Awards, Stephen Smith L&G's director of housing and current affairs said: "They tend to pick up the phone to us first if they are considering a launch."
"There should be another big lender before the end of the year, but in between that, there will be a couple of returnees and also a couple of smaller new lenders," said Smith.
In the Legal & General Mortgage Club awards guide, Legal & General Group said its expectation is that total gross lending for the year should finish slightly north of £200bn despite the slowdown brought by the Mortgage Market Review.
Smith said the bulk of the slowdown is being seen and absorbed through bank branch channels.
Jeremy Duncombe, director of the L&G Mortgage Club said: "But we haven't seen demand on the broker side move or drop," suggesting the real advantage advisers have right now.
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