Rob Sinclair, the former chief executive of the Association of Mortgage Intermediaries (AMI), has warned that lenders will aim to reclaim market share from brokers.
Speaking at Stonebridge’s annual conference, Sinclair reflected on his 20-year career in the mortgage market, highlighting the challenges and opportunities for brokers.
Data from the Intermediary Mortgage Lenders Association (IMLA) showed that mortgage brokers accounted for 87% of all mortgages in the UK in 2024, with a projected rise to 91% by 2026.
However, Sinclair warned brokers against complacency, noting that lenders are investing heavily in technology to attract more direct customers.
Sinclair 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?”
He emphasised that as interest rates fall, margins tighten, and regulatory costs rise, lenders will increasingly look to automation to maintain business.
Sinclair added: “The desire to automate as much as possible through few-click PTs is anathema to me in a world of 30-35 year mortgages, which are taken out at an average age of 35.
“That can’t be right that there isn’t some form of review to ensure that suitability is right.”
Sinclair also encouraged brokers to seize the remortgage opportunity this year, with UK Finance showing that 1.8 million mortgages will reach the end of their deals in 2025.
Total lending is forecasted to exceed £500bn for the year.
He said: “The remortgage opportunity this year is huge. 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.”
Rob Clifford, chief executive at Stonebridge, said: “It has been a privilege and an honour to work with Robert over the years.
“I was involved in his appointment to AMI all those years ago during my time as Deputy Chairman and how lucky this industry was, to attract Robert to the trade body.
“The impact he has had on our sector over the past two decades has been immense and he is the main reason why the intermediary market is in the place it is today.”
Clifford added: “We were deeply honoured that he chose to make his final speech at our annual conference, but it was a moment tinged with sadness – sadness because it marks the departure of a true industry icon.
“Robert has worked tirelessly to champion the interests of mortgage brokers, pouring his blood, sweat, and tears into his work.
“He is the brokers’ champion, and his absence will be keenly felt.
“However, he has more than earned the right to enjoy his retirement, and we wish him all the very best for the future.”
