Mortgage News
Two-thirds of brokers avoid secured loans
Two-in-three mortgage brokers have not completed a secured loan case during the last six months, a new poll has shown.
The latest Mortgage Solutions People’s Poll found 63% of brokers said they had not completed a case since February.
However the market appears to be split with one-in-five (19%) brokers completing between seven and nine cases in this period.
In addition 9% of brokers said they completed between one and three cases with a further 9% between four and six cases.
Mortgage Solutions ran a similar poll six months ago when 56% of brokers said were active in the sector, suggesting a decline in the number of brokers completing secured loans since the spring.
Despite the results of the poll figures recently released showed second charge mortgage lending passed £250m in May, two months earlier than last year.
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“A main driver of new business for us is still the interest-only borrower who doesn’t want to disturb their existing deal by remortgaging,” said Marie Grundy, operations director of V Loans.
“This has increased the quality of the applicant coming through to us as they primarily originate from the prime market.”