“2014 has been a year of shoring up the foundations of the mortgage market, so it is no mean feat to be approaching the home straight with gross lending of around £210bn in sight.* The market has weathered a considerable amount of upheaval this year without grinding to a halt. While there are issues to be ironed out, it is reassuring to see that lending activity has still grown and the recovery has maintained its upwards trajectory – albeit at a slower pace.
“The looming election and interest rate rise are both important factors that will impact the growth potential of the market in 2015. One safe bet is that brokers will be kept busy as the balance of power and influence shifts in their direction. As we have already seen, they are involved in a growing number of mortgage transactions and are proving a vital ally for consumers following the Mortgage Market Review (MMR). People are increasingly motivated to look for expert guidance and advice on a far broader range of products than they can access direct from any one lender.”
*Based on £172.7bn of gross lending in the first nine months of the year
For further information please contact:
Andy Lane / William Muir, The Wriglesworth Consultancy
Tel: 0207 427 1422 / 29 / Email: firstname.lastname@example.org
Notes to Editors
The Intermediary Mortgage Lenders Association (IMLA) is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel. Its membership of 43 banks, building societies and specialist lenders include 18 of the 20 largest UK mortgage lenders (measured by gross lending) and account for about 90% of mortgage lending (91.6% of balances and 92.8% of gross lending).