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L&G brokers report a return to confidence

Brokers are beginning to feel more confident about business prospects over the next three months, the latest data from Legal & General reveals.

The L&G Adviser Confidence Index for Q4 shows that 27% of brokers expect business to get better over the next quarter, compared to 21% in Q3.

But house purchase mortgages continue to be scarce, with 71% of brokers saying these won’t represent more than of their mortgage business over the next three months.

Some 19% of brokers say they will mostly be dealing in remortgages.

Stephen Smith, director of housing at L&G, says: “At last after a year of falling adviser confidence our data shows a slight upturn in sentiment.

“The dramatic cuts in the bank base rate have played a part in the newfound confidence but it is only significant if it is reflected in consumer behaviour.”

He adds: “The vast majority of advisers are predicting a further base rate cut next month, with half of them foreseeing a reduction from 3% to 2.5%. Hopefully this will buoy confidence further.”


Curriculumvitae: Jonathan Midgley

Describe your current job As co-founder of Evaluate Technologies, an IT solution provider based in the City, my job is to design, build, test, deploy and support our flagship software product Evaluate. This system enables users to submit single mortgage enquiries, receive the best responses from lenders, select their preferred products and then submit applications online.

Government owns majority stake in RBS

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