Mortgages plc and Mortgage Promotions have announced the results of their joint MarketView September 2005 survey, which shows that mortgage intermediaries are evenly split in their views about the health of the mortgage market.
Exactly 50% of intermediaries say they have seen an increase in activity in the market generally (and in the non-conforming market specifically), with the remaining 50% saying they have either seen no change (32.5% generally and 42.5% in the non-conforming sector), or a decrease (17.5% generally and 7.5% in the non-conforming sector) since last month.
The September MarketView survey results showed that 32% of intermediaries had experienced an increase in mortgage activity generally with 33% saying they had seen an increase in the non-conforming sector.
Nick Baxter, Director of Mortgage Promotions said: “The health of the mortgage market is still hanging in the balance. The base rate cut during the summer months has clearly helped restore some confidence, but the picture is still patchy across the UK. It may take another cut in base rates before we start to see a clearer picture emerge.”
The MarketView research also analysed intermediary use of lender websites. The results show that lender websites have become central to mortgage intermediaries’ day-to-day activities, with 100% of intermediaries being registered on at least 3 different lender websites and 70% being registered on 10 or more sites. 82.5% of intermediaries visit at least 3 lender websites a week, with DIP’s, KFI’s and electronic submissions being the most popular activities.
Commenting on these results, Peter Beaumont, Sales & Marketing Director at Mortgages plc, said: “Having a comprehensive internet offering is no longer an optional extra for lenders – it is a necessity. Our own research results, which the MarketView results back-up, show that intermediaries want systems which are comprehensive, easy to navigate, fast and well supported. Mortgages are perfectly suited to online trading and lenders who do not have an internet capability in another 6 months time will be left behind.”
