Mortgages plc and Mortgage Promotions have announced the results of their joint MarketView September 2005 survey, which shows that mortgage intermediaries are evenly split in their views about the health of the mortgage market.
Half of intermediaries say they have seen an increase in activity in the market generally (and in the sub-prime market specifically). Out of the remaining half, 32.5% say they have seen no change generally, and 42.5% say they have seen no change specifically in the sub-prime range since last month. A further 17.5% say they have seen a decrease generally, and 7.5% say they have seen a decrease specifically in the sub-prime market since last month.
The September MarketView survey results showed that 32% of intermediaries had experienced an increase in mortgage activity generally, with 33% saying they had seen an increase in the sub-prime sector.
Nick Baxter, director of Mortgage Promotions, says: “The health of the mortgage market is still hanging in the balance. The base rate cut during the summer months has clearly helped restore some confidence, but the picture is still patchy across the UK. It may take another cut in base rates before we start to see a clearer picture emerge.”
The MarketView research also analysed intermediary use of lender websites. The results show that lender websites have become central to mortgage intermediaries day-to-day activities, with 100% of intermediaries being registered on at least three different lender websites and 70% being registered on 10 or more sites.
Over 80% of intermediaries visit at least three lender websites a week, with DIPs, KFIs and electronic submissions being the most popular activities.
Peter Beaumont, sales & marketing director at Mortgages plc, says: “Having a comprehensive internet offering is no longer an optional extra for lenders it is a necessity. Our own research results, which the MarketView results back-up, show that intermediaries want systems which are comprehensive, easy to navigate, fast and well supported.
“Mortgages are perfectly suited to online trading and lenders who do not have an internet capability in another six months time will be left behind.”