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‘Brokers need clarity around Brexit to grow business next year’ – poll result

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  • 20/12/2018
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The majority of brokers think that more clarity around Brexit is needed to see an increase in their business next year, whilst less than one in five think that no growth in their activity will happen.

 

Mortgage Solutions polled brokers on whether their business may increase once Brexit uncertainty will lift, with 70.9% agreeing that a rise is likely to happen, whilst 18.8% replied negatively.

However, 10.3% of brokers cannot give an answer.

Senior technical manager at John Charcol, Ray Boulger, said that attention should be focused on how broker business may increase.

He added: “Once we know the direction, I think that the purchase activity will increase slightly in the second half of the year, but I do not expect any significant change next year in remortgages and product transfers.

“In the event of no deal, the government and the Bank of England should mitigate the short-term impact on the economy, by cutting interest rates and mortgage costs.”

David Hollingworth, director at L&C Mortgages, agreed that clarity will help to improve consumer confidence.

He said: “This will have a positive impact on the purchase activity as people need to know what direction the country is going to take.”

However, Dominik Lipnicki, director of Your Mortgage Decisions, said that only a good trade deal or no Brexit may lead broker business to grow.

“In the event of no deal or a bad deal, the lending sector may experience the same crisis of 2008,” he concluded.

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