11 Jul

Brokers predict upturn in mortgage business

Brokers predict upturn in mortgage business

Mortgage brokers have predicted that in the next three months, they could do up to eight per cent more business than they did in the second quarter of 2009.

Paragon's Financial Advisor Confidence Tracking Index - a survey of financial advisors - also revealed that 58 per cent of respondents expect an increase in mortgage business to occur.

A further 31 per cent are estimating a 10 per cent or more uplift in activity.

Compared to March 2009, when 19 per cent of mortgage brokers expected their business to fail, altogether only seven per cent are predicting this kind of negativity.

John Heron, managing director of Paragon Mortgages, said: "We are starting to see concrete signs of confidence returning to the mortgage market and that can only be a positive for the UK housing market."

Meanwhile, the Residential landlords Association recently claimed that there are over 500 buy-to-let mortgage deals on the market.

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