To coin an old adage, imitation is the best form of flattery.  If this is true, then I have to say that we are sincerely flattered. 

Since mid-2010, some 20 “new” lenders have appeared in our happy little world, promising plenty and ensuring that no credible introducer goes more than an hour without an email in his inbox offering low rates, high loan-to-values, more fees, a car, fruit – the list is endless.

But how much business is actually being transacted remains to be seen.  There is a hint of the BDM merry-go-round rearing its ugly head as the innocent new boys fight for market share.  Thank God we all know how to edit our address books in Outlook.

Set amidst this feeding frenzy are some more worrying statistics:  decreasing refinance numbers (already substantially down on this time last year), a decline in mortgage lending, dwindling consumer confidence, and so on, and so on.  Hardly the best time to dip your toe in the already crowded water, is it?

Whilst established introducers currently appear to be sticking with their tried-and-tested lenders, leading us to believe that perhaps they really do understand that all that glitters is not gold, how long it will be until their heads are turned by the apparently readily available offers? 

So what’s the best defence against getting your fingers burned?  A healthy dose of scepticism, that’s what.  You know how the saying goes:  if it LOOKS too good to be true ...