Mortgage industry confidence `on the increase`

11 June 2009

The UK`s mortgage industry is to improve over the next three months, according to advisors.

A recent survey conducted by Legal & General found that more than half of those questioned predicted that mortgage business will get better during this time, with a further 40 per cent expecting it to remain the same.

It also discovered that remortgage activity is anticipated to remain steady, with a quarter of advisors suggesting this will make up around 20 to 40 per cent of their business.

Legal & General added: "More advisors are predicting higher levels of house purchase business than at any time over the past 18 months.

"For instance, 18 per cent of advisors, almost one in five, say that 60 to 80 per cent of their mortgage business will be house purchase mortgages."

Recently, Sue Anderson, head of member and external relations at the Council of Mortgage Lenders, said it is "very likely" that the number of mortgage approvals in the UK will rise next month.

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