Mortgage advisers are bracing themselves for a continued slump in business over the next three months despite reports the market is levelling out, research by Legal & General (L&G) suggests.
The company’s Adviser Confidence Index for Q3 2008 found 45% of advisers expect business to get worse compared with 33% in Q2 and 16% in Q1. A continued decline in new mortgage business is the main driver of the pessimism, the study says, with two-thirds of advisers expecting house purchase clients to represent less than a fifth of their mortgage income over the next quarter. However, L&G says around 40% of advisers expect protection sales to increase before the end of the year, while the majority are backing the Bank of England to keep the base rate at 5% next month. “Mortgage advisers ...
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