Intermediaries are confident that they can weather the storm of Brexit and a General Election according to the Intermediary Mortgage Lenders Association’s (IMLA) latest Mortgage Market Tracker.
The research revealed that a majority (91%) of mortgage intermediaries are either ‘confident’ or ‘fairly confident’ about the outlook for the mortgage industry.
Most brokers (95%) were positive about the outlook for the intermediary-led mortgage market specifically, whilst 96% were also very or fairly confident about future prospects for their own business.
Kate Davies (pictured), executive director of IMLA, said: “Continuing political uncertainty has failed to dent the confidence of mortgage brokers.
“Intermediaries remain confident that they are well-placed to weather the storm of political uncertainty.
“Brokers are upbeat about the prospects for Britain’s mortgage market.”
Gross lending on all mortgages has increased each quarter since Q1 2019 reaching £70.4bn in Q3 2019, according to the Bank of England.
On average, two-thirds of the current activity (66%) is made of up of residential cases, including remortgaging, movers and first-time buyers.
Buy-to-let covered a quarter of all activity, whilst specialist cases, such as adverse credit, made up the remaining 9% according to the tracker.
Kate Davies added: “Even with the typically quieter summer months, there is still sustained demand from people wanting to see a mortgage broker.
“Whether they are a straightforward first-time buyer, have complex circumstances or are looking to remortgage, consumers are relying on the expertise of intermediaries to find the right mortgage product.”