Brokers split over health of mortgage market
The MarketView September 2005 survey revealed exactly 50 per cent of intermediaries have seen an increase in activity in the market generally with the remaining 50 per cent saying they have seen either no change or a decrease.
When questioned specifically about the non-conforming market, 50 per cent of brokers reported a business increase while 7.5 per cent said they had experienced a decrease. 42.5 per cent reported levels remaining the same.
Nick Baxter, director of Mortgage Promotions, said: “The health of the mortgage market is still hanging in the balance. The Base Rate cut during the Summer months has clearly helped restore some confidence but the picture is still patchy across the UK. It may take another cut in rates before we start to see a clearer picture.”
The survey also analysed intermediary use of lender websites and revealed they have become central to brokers’ day-to-day activities. 100 per cent are registered on at least three lender websites while 70 per cent are registered on 10 or more. 82.5 per cent visit at least three lender websites a week with DIPs, KFIs and electronic submissions the most popular activities.
Peter Beaumont, sales and marketing director at Mortgages plc, said: “Having a comprehensive internet offering is no longer an optional extra for lenders – it’s a necessity. Our own research results, which the MarketView results back-up, show intermediaries want comprehensive, easy-to-navigate, fast and well-supported systems. Mortgages are perfectly suited to online trading and lenders that do not have an internet capability in another six months’ time will be left behind.”