According to research from Accord Mortgages, which surveyed 170 mortgage brokers, four in five respondents said they were confident that their business would grow over the next decade.
Half of those surveyed believe that customers will have more complex needs and just under half, 49 per cent, think that there will be more self-employed clients.
As a result of the above the majority of those surveyed, 65 per cent, say product and criteria innovation from lenders would be vital.
Jeremy Duncombe, managing director at Accord Mortgages, 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. It’s pleasing so many expect their business to grow as supporting that ambition is at the heart of everything we do at Accord.”
Pandemic impact on intermediaries
The survey also found that 45 per cent of brokers surveyed had to find new ways of engaging with clients and a third invested in technology to improve time efficiencies.
However, just under half, 48 per cent, said the pandemic had had a positive impact on their work life balance.
The majority, 57 per cent, also feel more prepared and confident that their business was resilient enough to cope with future crises.
Challenges for intermediaries
One of the main risks to the intermediary market, according to two in five of those surveyed, was borrowers not understanding or appreciating the value of advice.
Around a third, or 30 per cent, of respondents’ biggest challenge was automated technology replacing advisers, as well as the cost of providing advice.
Nearly 29 per cent said that changing mortgage rules and regulations also posed a threat.
