Legal & General: Mortgage advisers are optimistic

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Legal & General: Mortgage advisers are optimistic

Mon 1st Dec 2008

Research published by Legal & General has revealed that independent mortgage advisers are optimistic about the state of the mortgage market, despite the recent slump in house prices.

According to the insurance broker, 27 per cent of advisers predict that business will get better over the next three months, while 40 per cent think that it will remain at a flat rate.

Stephen Smith, Legal & General's director of housing, said that the cut in last month's cut in the base rate of interest may have helped cause this optimistic outlook, but added that increased confidence meant nothing unless it was backed by consumer behaviour.

He added: "House purchase mortgages continue to be as rare as a red panda, with 71 per cent of advisers saying that these customers won't even represent more than a fifth of their mortgage business over the next quarter."

Last month, the government put pressure on mortgage lenders to cut their interest rates and Gordon Brown urged them to act "responsibly".

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