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Mortgage brokers optimistic on new lending

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by Gill Montia

Mortgage brokers are optimistic about levels of new business coming their way in the months ahead.

New research from Paragon Mortgages shows 56% of brokers questioned expecting to see business growth during the third quarter of 2009, with 31% of this group predicting a rise of 10% and above.

Among those expecting an improvement, the average increase forecast stood at 8% for the third quarter of 2009, compared to the second quarter of the year.

Only 7% of respondents predicted a downturn and 35% said they expected the market to remain at today’s levels.

The firm’s Financial Advisor Confidence Tracking Index has now been in positive territory for two successive quarters.

Managing director, John Heron, comments: “Mortgage brokers have endured some tough times in the past 18 months so it is welcoming that the market is finally seeing some positive news.”

However, Mr Heron cautions that the UK mortgage market cannot fully recover if lending remains at today’s very low levels and he believes the remedy lies in Government hands.

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News posted: July 7, 2009

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