More than half of mortgage brokers believe an interest rate rise would increase business, with 61 per cent expecting gross lending to reach between £240bn to £260bn in 2018, according to research from Legal & General Mortgage Club.
A further 15 per cent believe gross lending will reach over £260bn.
“With speculation over an interest rate rise being rife, our research shows that many brokers recognise the opportunity this brings for good quality, professional financial advice in the coming months," Legal & General Mortgage Club director Jeremy Duncomb said.
"If rates increase for the first time in a decade, advisers will clearly have a chance to show their value, helping clients to find a good deal on their mortgage before the base rate rises again.
"However, advisers don’t need to wait for a rate rise to do what’s best for their clients. By contacting their back books now, advisers could help their clients to save money in the long term by securing a new deal now, ahead of the expected rise next month.
“Elsewhere, the mood remains positive amongst brokers. This positivity is a reflection of a market that remains robust in the face of Brexit uncertainty and in which the choices for borrowers continue to grow. New lenders, increased competition, good availability of funding and higher LTVs mean lenders are still very willing to lend and most brokers expect to see this continue into 2018.”
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