Rob Sinclair: ‘Lenders will try to claw back market share from brokers’

10 March 2025

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

Giving his last-ever industry speech as CEO, which he chose to make at Stonebridge’s annual conference on 24 February, Sinclair reflected on his 20 years in the mortgage market and spoke at length about regulation and the opportunities facing brokers.

Data from Intermediary Mortgage Lenders Association (IMLA) shows 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 warned brokers not to become complacent and that lenders are investing millions into technology to drive more customers direct.

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 PT 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.

“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.

“I believe that all of the people that you know and I know in lenders have our backs and are absolutely committed to the intermediary world. But that does not mean that the people above them, who think about strategy and structure and how to position themselves in the next three or four years, aren’t thinking about the world differently. We have to be aware of that and that’s why brokers have to continue to demonstrate our value and worth to them.”

Sinclair also urged brokers to take advantage of the once-in-a-decade remortgage opportunity they face this year.

Data from UK Finance shows that 1.8 million mortgages reach the end of their current deals in 2025, with forecasts suggesting total lending – purchase, remortgage and PT– will top £500bn this year.

However, Sinclair urged brokers to take full advantage of the opportunity and not to expect that business to fall into their laps.

He added: “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.

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

He added: “2025 looks good to me, because of great opportunities – and you choose what that opportunity is. You’ve got the building blocks in place to grow, to diversify and all of the product solutions you need are there, especially in a leading network such as Stonebridge. You only have to be brave enough to grasp the nettle and want to go there.”

Stonebridge Chief Executive Rob Clifford added:

“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.

“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.”