Masthaven’s latest “Broker Beat” report describes 75 per cent of specialist intermediaries in expectation of increased sales during 2019. In contrast, 2.5 per cent expect a decline.
This informs the fact that 84 per cent of brokers asked have confidence in their own company’s prospects over the next 12 months, with half of these replying that they are “very confident”.
The report also points out that brokers anticipate dealing with more complex cases, with 22 per cent of those asked saying that later life lending is set to be their biggest growth area, while 18 per cent answered with short-term finance. Growth in second charge mortgages came third, at 9 per cent.
Regarding challenges for growth in the new year, lending criteria was the most common answer, at 34 per cent, followed by regulation at 27 per cent, and “lack of product innovation,” at 18 per cent.
The lender also asked brokers what their clients are most likely to prioritise when looking for a deal. The top answer was low rates, at 35 per cent, while flexible lending criteria was the second most popular answer, at 23 per cent. At 18 per cent was customer service.
Masthaven managing director of mortgages Matt Andrews says: “Despite ongoing Brexit negotiations and another quarter of slowing house prices, it is positive to know that intermediaries are confident for a successful 2019 with a large proportion expecting sales to increase.
“This year is set to be another bumper one for the industry – we are already seeing restrictive credit scores and prescriptive lending criteria being reconsidered. However, there is always room for improvement.
“We must continue to create innovate products, develop frictionless services and streamline the borrowing process so that despite the unknown uncertainties that lie ahead, specialist finance will continue to become the new normal.”