Intermediary confidence for 2011 has improved, Platform has reported. Its Index of Mortgage Intermediaries acts as a barometer of the broker market and monitors the views of around 300 mortgage professionals.
In the last quarter of 2010 the balance of brokers who saw an increase in the volume of mortgage business written rose to +35 in the last quarter of 2010 from +28 in Q3 2010. This was helped by lenders making more products available to the sector according to findings of the most recent Index of Mortgage Intermediaries from lender Platform and research organisation BDRC.
40% of intermediaries believe that the remortgage market is the area with the most opportunity in 2011, whilst 28% have high hopes for the buy-to-let sector.
However there are still concerns about mortgage lenders willingness to lend, and with first time buyer options currently restricted, only 7% of intermediaries believe that there will be an improvement in 2011.
The Index has tracked the sector for the past 12 months and, despite a slight dip in confidence midway through the year on the prospects of business expansion, the confidence of brokers was at a year high in the final quarter. However, 97% of intermediaries believe the market needs to do more to promote the benefits of professional mortgage advice.
Lee Gladwell, business development director at Platform, said: “Despite the continued economic uncertainty brokers are optimistic about their business prospects in 2011.
