Research from specialist lender, Masthaven Bank, has found that confidence in the broker market remains high despite the challenges posed by 2020 and the ongoing pandemic.
Some 71% of brokers are confident about the market in 2021 - down just 6% from January 2020 - despite the ongoing pandemic, according to Masthaven’s latest Broker Beat.
The research also found that 87% of intermediaries felt confident about their company’s prospects next year, down just 3% from January 2020.
Brokers identified first-charge mortgages for home movers as the area of the market experiencing the most growth, followed by remortgages.
When asked about the challenges they face, almost one in three (30%) of brokers said that economic uncertainty was the biggest challenge their business faced in the next six months.
Almost a quarter (23%) reported that they were concerned about lenders' service levels and 19% said they believed that the biggest challenge they face is local or national lockdowns due to COVID-19.
Rob Barnard, director of intermediaries at Masthaven, said: “Despite the challenges of 2020, confidence among brokers has remained remarkably resilient. This is testament to the strong collaborative effort between brokers and lenders in an unprecedented time.
"The industry has demonstrated this year that it can continue to operate in extraordinary circumstances and provide the support customers need.
“As the pandemic continues to wreak havoc on the finances of people across the UK, brokers will be key in helping many people who no longer fit the model of a ‘vanilla’ borrower unlock affordable finance.
"Looking ahead, tough economic conditions and a potential no-deal Brexit may mean more challenges ahead. However, knowing that brokers are optimistic about 2021 should give lenders and customers greater confidence in the market and provide an opportunity for the market to expand and innovate further.”
