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Home > News and Opinion > Lenders Feel Positive About United Kingdom’s Mortgage Market In 2013

Lenders Feel Positive About United Kingdom’s Mortgage Market In 2013

George Sterling | Friday, December 7th, 2012

According to a big group of prominent mortgage lenders, United Kingdom’s mortgage market will improve in 2013 after couple of difficult years.

In the last week, a panel of large mortgage lenders joined at the Mortgage Business Expo and talked about the United Kingdom’s mortgage sector and its prospects. The common consensus that was concluded after the Mortgage Business Expo that took place in London was that the country’s mortgage market is moving in the right direction.

The Mortgage Business Expo was graced by representatives from Precise Mortgages, Virgin Money and Nationwide for Intermediaries. The attendees agreed that the U.K mortgage market will not bounce back from the deep crisis it has been in for the last many years but it is definitely heading in the right direction.

According to Mortgage Finance Gazette, 2012’s gross mortgage lending will reach £140 billion this year and will exceed to £150 billion in the upcoming year.

The attendees also agreed that lending will increase in the forthcoming year and M.D of Precise Mortgages, Alan Cleary explained that lending will increase due to a jump in the total number of funders who have shown interest in the country’s mortgage market. Cleary is of the opinion that mortgage lending will increase by three fold in the next year.

It is also believed that apart from increased lending, brokers believe that an increasing number of intermediaries will turn people towards professional advice in the next year.

The two main reasons why people use mortgage brokers are to seek advantage from professional advice coming from qualified personnel. Acquiring a big mortgage is a very big financial commitment, probably the biggest for the majority, and thus individuals want to seek the best and most appropriate financial advice.

Another reason why as to people turn towards brokers is that a broker can allow them to save time by doing the paper work involved in the mortgage application process and oversee the entire process in general to make sure there are no loose ends. Brokers are equipped to necessitate valuations along with liaise with lenders and solicitors to assure the application process goes smoothly and is completed quickly.

A recent research discovered that 85 percent of the mortgages that are acquired through a broker come with an offer to proceed the application till it’s completed.

The panel at Mortgage Business Expo also agreed to the recently published Mortgage Market Review by the Financial Service Authority. The Managing Director of Nationwide for Intermediaries, Ian Andrew, while responding positively to the review said, “Anything that pushes customers down the advice route is good”.

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