UK intermediaries confident amidst Brexit and election uncertainty

Intermediaries are confident they can ‘weather the storm’ of Brexit and a general election, according to new research from the Intermediary Mortgage Lenders Association (IMLA).

In its latest Mortgage Market Tracker, IMLA found that 91% of mortgage intermediaries said they were either ‘very confident’ or ‘fairly confident’ about the outlook for the mortgage industry.

The research found that 95% of brokers were positive about the outlook for the intermediary-led mortgage market specifically – while 96% were also very or fairly confident about the future prospects for their own businesses.

IMLA executive director, Kate Davies, commented: “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.”

IMLA also highlighted that gross lending on all mortgages has increased each quarter since Q1 2019, reaching £70.4bn in Q3 2019, according to the Bank of England.

Furthermore, IMLA suggested that despite the expected summer lull dampening activity in the third quarter of the year, the average number of cases intermediaries handle annually remains in the mid-80s.

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.”

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