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Brokers in the United Kingdom are turning to diversification to bolster their incomes, and like their Australian counterparts insurance products are the most popular add-on.
According to UK mortgage industry publication Mortgage Strategy, ‘protection products’ – or life insurance products – are the most popular fit with residential mortgages, with 29 per cent of brokers endorsing them as a key product for a broker diversification strategy.
Mortgage Business’ recent diversification survey also highlighted life insurance products as the most prevalent add-on service for Australian brokers, with 73 per cent of brokers already offering the products.
While there are some stark differences between both markets by way of structure, the parallel between product diversification is clearly apparent.
Debt management was the next most popular choice in the UK, with 18 per cent of votes. This was followed by equity release, with 16 per cent of votes.
For full details of Mortgage Business’ diversification survey see Issue 3.6 (May) – on desks this week.
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