Brokers are optimistic about the future of the advised mortgage market, despite the pandemic testing the industry’s resilience, a study by Accord Mortgages has suggested.

In a survey commissioned by the lender to understand brokers’ expectations for the next decade, four in five (79%) respondents said they were confident their business would grow during that time.

Accord found that the majority (52%) believe the advised market will be more important than it is today, suggesting clients will have an increased need for advice (54%) and more complex needs (50%). A similar amount (49%) said there will be more self-employed clients, prompting two thirds (65%) to say product and criteria innovation from lenders will be increasingly important.

The research, conducted among 170 mortgage brokers, also highlighted how the pandemic affected intermediaries, with 45% of brokers surveyed admitting they were forced to find new ways of engaging with clients, and one in three (32%) having invested in technology to allow for better time efficiencies.

Accord managing director, Jeremy Duncombe, said: “The figures paint a really promising picture for the advised mortgage market and clearly demonstrate the resilience of firms over what has been a challenging couple of years for all. It’s also really encouraging to see the benefits of adopting technology being recognised in the research.

“In the face of adversity, it seems many have come out of the pandemic with welcome confidence, and some really positive expectations of the decade ahead.”

Share Story: