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As dual pricing issues dominate the industry and with lenders’ distribution strategies being called into question, maximising all sales processes has become of paramount importance. (See related article.)

As such, TMA is urging intermediaries to make the most of all sales opportunities and look at expanding their ancillary sales.

It suggests brokers need to ramp up sales of ancillary products in the areas of general insurance, protection, legal and secured market in order to help increase revenue streams and increase client retention.

Phil Whitehouse, head of TMA, said that brokers who just sell mortgages alone will suffer.

"Ancillary sales are increasing in prominence for intermediary firms looking to generate extra income, or even supplement lost income, and now the time has come to grasp the revenue potential offered by such products."

Whitehouse also said that joining a mortgage club is another way of accessing new markets easily.

"Relationships are already in place so intermediaries don’t have worry about having to set up their own arrangements," he added.