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Heritage culls brokers

Staff Reporter 3 minute read

Following the departure of RAMS from the third party channel on 19 January, Heritage has become the latest lender to deal a blow to the broking industry, axing a number of aggregation groups.

According to one source, aggregation groups were contacted by Heritage in late January informing them that they would not longer have access to the lender’s products.

The Adviser contacted Heritage last week, however, the company refused to be drawn on which groups it would continue to deal with and which groups had been dumped.

The building society has since issued a press release "confirming its committment to the broker channel".

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Heritage's general manager retail services Paul Francis said the building society was streamlining its broker partner relationships to "ensure sustainable growth into the future".

"The broker channel has allowed Heritage to maintain and grow our geographic diversification," Mr Francis said.

Aggregation group nMB confirmed it was one of the groups that had been dropped by the lender.

nMB’s managing director Gerald Foley told The Adviser of the building society's decision shortly after being notified.

But nMB brokers feel the lender’s withdrawal will have little impact on their business.

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“From my point of view, Heritage’s decision to cull brokers won’t affect me. They had tight lending criteria and slow turnaround times, so their exit from the market won’t negatively impact my business,” Tiffen & Co and The Mortgage Detective director Alison Whittle told The Adviser.

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