Mortgage News
Brokers think lenders less willing to lend
After a year of improving confidence the intermediary sector has grown more pessimistic and think lenders are less keen to lend than the beginning of the year.
More than half are concerned that lenders are bypassing the sector to offer consumers products through branches.
Intermediary lender Platform’s broker survey shows that while confidence steadily increased this year, the sector saw a sharp fall between quarter two and three.
Falling remortgage business and the loss of products for the self-employed since the publication of the Mortgage Market Review proposals also continue to dent confidence.
As brokers represent the majority of the overall mortgage market, Platform said it believes the sector’s views provide a solid indication of the market’s future direction.
Lee Gladwell, business development director at Platform, said: “This new tracker acts as a forward looking indicator for the mortgage market by giving intermediaries a voice about their experiences with consumers.
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“It shows that while broker confidence gained steadily over the last 12 months it has recently fallen back in the face of a number of challenges.
He said as the majority of mortgages continue to go through intermediaries, issues that impact the sector will affect lending across the entire industry, adding lender support for brokers remains vital in growing the market.
Gladwell said: “We believe there remains an opportunity for the intermediary sector – brokers, distributors and lenders – to develop a clear definition of the high standards and benefits clients get from a mortgage intermediary and to help them really understand the advantages.”
Platform is the dedicated intermediary mortgage lender of The Co-operative Bank.