14 Dec

Mortgage business 'expected to increase'

Mortgage business 'expected to increase'

A survey of mortgage brokers has revealed that many working in the industry expect business to pick up in the fourth quarter of 2009.

Paragon Mortgages' Financial Adviser Confidence Tracker (FACT) index has discovered that advisers are anticipating an average increase of 6.7 per cent in mortgage business in the final three months of this year, compared with the previous quarter.

Owner-occupied loans account for almost four fifths (78 per cent) of transactions, while buy-to-let made up 12 per cent.

The research also found that first-time buyer levels have remained steady, while the number of next-time buyers has grown throughout 2009.

John Heron, managing director at Paragon Mortgages, commented: "This is the third quarter in a row that brokers have said they expect business levels to increase and the sense of pessimism that surrounded the market in 2008 finally appears to be dissipating."

Figures released by the Council of Mortgage Lenders in November predicted that gross lending will total approximately £141 billion, with 810,000 transactions expected to be completed by the end of 2009.ADNFCR-1222-ID-19510856-ADNFCR

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