Brokers confident about 2021

Brokers are looking ahead to next year with optimism, after what’s been a challenging 2020, research from Masthaven Bank found.

The survey of 265 intermediaries found that almost three quarters (71%) are confident about the market in 2021.

Meanwhile 87% are optimistic about their own company’s prospects next year. Nearly two-thirds (63%) expect to see revenues rise, with 36% predicting growth to be in double figures.

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.”

Confidence has held up, as there’s only been a 6% fall since the last survey in 2020, when 77% brokers were confident about the market’s prospects.

When asked to consider which areas of the market needed greater innovation to grow more quickly, 23% of intermediaries said first charge mortgages for first time buyers, 19% said specialist mortgages and 11% stated the later life lending sector required innovation.