A sad day for mortgage brokers - 9.3.09

Author: Jeni Browne Posted on: 09 March 2009

Today we have seen a huge loss to the mortgage industry as Chase de Vere and Cobalt Capital entered into Administration.  Both of these firms were large, highly respected institutions and have contributed enormously to the innovation of our industry.

The cynics reading this will think that I am sitting here typing this with a smug grin on my face, as two competitiors fall by the wayside.  However, my sentiments are quite the opposite.  Large firms such as these will have helped thousands of people to buy their dream homes when they thought it was impossible, have saved clients money and will have helped to design new products and had influence on lending decisions which have ultimately benefitted the borrower.

It takes years and years of experience to become a truly 'good broker' - knowing the market is not just a case of passing some exams.  I have been doing this job for the last ten years and to this day, I still learn new things on a regular basis.  So the loss of many brokers will amount to what is hundreds of years of expertise lost to the public.

Equally, competition is a healthy thing and in this current market, we need competition to drive forward the recovery process.  The less competition we have, the slower the recovery will be.

And so it is with genuine sadness and respect, that I wish those who have been affected by the news today, the very best for the future.

You can see more information on the Times Online too.

Author: Jeni Browne