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65% of mortgage advisors expect no improvement in business for next quarter

Wednesday 30th June 2010

Only a third of mortgage advisors have stated that business will be better over the next quarter, according to the most recent poll from Legal and General.

65% of 122 mortgage advisors polled said business would either be the same or worse than the previous quarter.
Stephen Smith, Legal and General’s Director of Housing commented: “Advisors are slightly more pessimistic this time around.”
He added: “Interest rate hawks are gradually getting more prevalent, with 14% of advisers now expecting an interest rate rise within the next three months. The Bank of England believe that the recent rise in inflation is a temporary spike but it must be said that there is now more lingering doubt around how quickly inflation will drop.
“Some commentators have been flagging the inevitability of increases in the base rate for some time and the recently published inflation figures bring this sharply into focus.”  
Confidence about remortgage business was particularly low, with brokers saying it would only account for 31% of their business, which is the lowest level since the Advisor Confidence Index began in 2008.
Brokers have said that this is down to an increasing number of remortgage products only becoming available at higher loan to values.
As many people are now unable to remortgage, brokers have been urged to find alternative ways to help their clients. Many Britons who have been refused a remortgage and cannot secure further credit could need extra help with their finances and may benefit from a no-obligation consultation with a trained debt advisor. 

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