Mortgage brokers predicting upsurge in business

Mortgage brokers across the UK are expecting an upturn in business this summer, according to new research.

A poll by Paragon Mortgages highlights that as house prices near bottom and hopes that lenders will be offering a greater range of deals rise, brokers expect business to increase by eight per cent in the third quarter of the year.

Some 56 per cent of those questioned are anticipating business growth, compared to seven per cent predicting falls and 35 per cent thinking the market will remain at a similar level.

"Mortgage brokers have endured some tough times in the past 18 months so it is welcoming that the market is finally seeing some positive news," commented John Heron, managing director of the firm.

However, he added that a mortgage market recovery is unlikely unless steps are taken to improve loan availability.

The Bank of England's recent Credit Conditions Report highlighted that mortgages for house purchase were increasingly in demand.

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2009-07-06 12:59:29 © Moneyextra.com