77% of intermediaries confident for 2020

More than three-quarters of intermediaries are confident about the market’s prospects over the next 12 months, new research from Masthaven Bank revealed.

While 44% of intermediaries felt that Brexit is the biggest barrier to growth in the market – well ahead of the 21% who felt lending criteria is stifling growth – an end to the economic and political uncertainty after the General Election has brought increased optimism amongst those in the specialist lending market, according to the research.

Masthaven revealed that 77% of intermediaries felt confident about the UK’s prospects, representing an increase of 26% on the positive sentiment recorded in 2018.

Masthaven director of intermediaries, Rob Barnard, commented: “Advisers have proved to be resilient to the pessimism and anxiety that’s characterised so much of the discussion over the last three years. We can attribute this confidence to the strong relationships between lenders and brokers.

“Good lenders have been listening to broker feedback about the market and customer needs and have reflected this in their products and rates – meaning brokers can serve their clients with diversified products whilst boosting revenues.”

Masthaven also suggested that confidence wasn’t just limited to market activity. Of the 217 intermediaries surveyed, 90% were confident about their firm’s prospects over the next 12 months, with 82% expecting to see revenues increase in the coming year, and most predicting growth to be in double figures.

Furthermore, another 23% revealed that remortgage activity was the area that saw the most growth in 2019, which Masthaven indicated had in part been linked to potential sellers choosing to wait out the uncertainty in the market, and improve or extend their existing homes instead.

Barnard added: “Brokers continue to be the key that unlocks affordable finance for many borrowers who were previously locked out of the mainstream lending market. Data shows that intermediaries take on 74% of mortgage lending by volume.

“Knowing these brokers are optimistic about the year ahead should fill both lenders and customers with confidence in the market and maintain the high expectations which the specialist market continues to deliver on, year after year.”

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