Brokers Believe Short Term Lending to Grow in 2012
The Precise Mortgages Road Shows have come to an end and the red London bus that toured the country emblazoned with pro-intermediary messages has been parked for the winter. Many of the hundreds of mortgage intermediaries that attended the road shows completed a survey giving their views on next year’s mortgage market and despite the challenging environment the results were surprisingly up-beat.
82% of the brokers believe that the Short Term Lending market will grow in 2012 with Edinburgh and London most positive at 90% and 85% respectively. 82% of the brokers cited that the growth would partly be driven by the continued restrictions on the availability of finance from high street banks.
The growth in the Private Rental Sector will continue to grow Short Term Lending according to 57%, again Edinburgh being most optimistic at 79%. 56% said that they believe more brokers will start to operate in the sector as a result of the growth.
69% also believe that high street lenders are deliberately restricting business via intermediaries with London brokers being particularly aggrieved at 79%.
During the programme of road shows brokers were entered into a prize draw for a luxury Harrods Hamper and the 8 lucky winners were:
Graham Kennedy of Graham Kennedy Mortgages
Lauren Flockhart of First Mortgages Ltd
Brian Day of Mortgage Advice Shop
Steve Lowe of JDS Financial Services
Keith Ryan of Dunstan Mortgage & Insurance Services
Keith Jones of Brilliant Money
Caroline Hughes of Caroline Hughes Mortgage Services
In addition well over £2,000 was raised for the Broomstick Ball for Cancer Research UK.
Alan Cleary, managing director of Precise Mortgages, commented: “We are going to continue to speak out on behalf of the mortgage intermediary as there is going to be a battle with high street lenders over the next few years for market share. Despite the intermediary share of mortgages dropping below 50% for the first time in several years, brokers are still optimistic about the mortgage market in 2012“