That’s according to a survey by Nottingham Building Society, which asked brokers what they thought about a range of mortgage issues.
It revealed healthy optimism among brokers about the future of the UK mortgage sector.
An overwhelming majority (82%) report feeling more positive about the sector’s prospects now compared to the start of 2024.
And four in five (79%) expressed confidence that the housing market will experience growth over the next three years.
Ongoing challenges
Mortgage advisers remain wary of the need to navigate ongoing challenges. The top concerns cited by brokers for the year ahead were:
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- Uncertainty over the wider economy (35%)
- Continued high interest rates (27%)
- The ongoing cost of living crisis (24%)
- High house prices (22%)
- The lack of new homes being built in the UK (22%).
Mortgage advisers also noted that the mortgage process need to be quicker, to enable them to help borrowers to secure their homes.
Nearly a third want to see a more streamlined application process.
Praven Subbramoney, chief lending officer at Nottingham Building Society said: “It is promising to see brokers’ optimism and feeling of resilience within the sector compared to a year ago, especially within the context of ongoing economic challenges and the pace of change across the sector.
“As lenders we can’t ignore the concerns brokers are voicing, including the speed of the mortgage process and their calls for further integration of technology to streamline the process. It is only by continuing to collaborate with brokers and the industry we can enhance our offering, helping borrowers to achieve their homeownership goals.”
