Brokers 'predict increase in business'

Date:Tuesday 15th December 2009
Author: Susanna Kavka

Mortgage brokers are expecting to see the number of people taking out loans increase again in the fourth quarter of the year, according to reports from Paragon Mortgages.

The Financial Adviser Confidence Tracker (FACT) Index, a panel-based survey of brokers, found that advisers are expecting to do 6.7 per cent more business in the fourth quarter than they did in the third.

Overall, 55 per cent of brokers are predicting an increase in business, with just eight per cent expecting to see their levels fall.

John Heron, Paragon Mortgages' managing director, said: "General housing market activity is picking up, although purchase levels still remain at historical lows, and we are seeing some easing of mortgage criteria in the owner-occupied market, with less stringent LTVs and fees."

In November, Paragon reported that 39 per cent of landlords had chosen to obtain a buy-to-let remortgage product through a financial adviser, the lowest level for remortgaging in two years.