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Brokers and lenders express concern over HIPs

Latest broker research from the Intermediary Mortgage Lenders Association (IMLA) has shown intermediaries' business volumes may be adversely by the introduction of home information packs (HIPs).

In addition, almost half of brokers believe that, even after the initial distortion caused by the introduction of HIPs wears off, there will be a long-term decline in property transactions.

Almost three-quarters (74%) of mortgage brokers expect home buyers to be tied into packages by estate agents which will mean that estate agents and their advisers will sell more mortgages, giving less opportunity for independent mortgage advisers. In addition, 35% of respondents anticipate that they will generate less mortgage business as a result.

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