Former AMI chief exec issues warning for mortgage brokers

The former chief executive of the Association of Mortgage Intermediaries (AMI), Rob Sinclair, has warned brokers that lenders will look to take more market share from them in the coming years.

Data from UK Finance has shown that mortgage brokers accounted for 87% of all mortgages written the UK in 2024 – a figure that is expected to rise to 91% in 2026.

However, Sinclair said that brokers should not become complacent and that lenders are investing millions into technology to drive more customers directly.

He said: “If I’m a lender, particularly if I’m a lender that may have an overseas parent which normally does everything direct, I’m asking myself: why would I want to play in a market where I have to pay for 91% of the business I get through the door? And how do I keep that business that comes through the door? In other words, a product transfer versus a remortgage.

“The pressure is going to come, because it has to come. As interest rates fall, margins get tighter, regulatory costs are higher and technology investments are continuing to drive ever-increasing capital requirements and pressure on firms.”

Giving his last ever industry speech as the AMI’s chief executive, Sinclair also urged brokers to take advantage of the “once-in-a-decade” remortgage opportunity they face this year.

Data from UK Finance has revealed that 1.8 million mortgages will reach the end of their current deals in 2025, with forecasts suggesting total lending to top the £500bn mark this year.

Sinclair said that brokers must take full advantage of the opportunity and not to expect that business to fall into their laps.

“The remortgage opportunity this year is huge,” he added. “There are more mortgages coming to an end this year than any other year for a while. A £500bn market is enough to keep everybody busy.

“But if I ask the biggest lenders what percentage of product transfers come back from the same broker, it’s a lot less than 50%. So, some intermediaries simply aren’t managing their customers very well.”



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