L&G hopeful about gross lending total for 2020
November 18, 2020 by Brendan O'Neill
Lenders
Speaking during the recent Mortgage and Protection Event, the director of Legal & General Mortgage Club stated that he felt hopeful that the gross mortgage lending total for the year could comfortably exceed expectations.
Kevin Roberts was speaking directly to mortgage advisors in attendance of the virtual conference when he argued that consensus opinion on the total for the year could well be wrong. While most mortgage market observers are expecting the 2020 gross lending total to be approximately £220 billion, Roberts indicated that Legal & General is expecting a total nearer to the £230 billion mark.
This is based on estimates from six major mortgage lenders in the UK, three of which predicted the £230 billion figure, while the other three estimated it as lower. Even a total of £230 billion would still be a significant drop compared with last year, however, which saw gross mortgage lending reach £266 billion, but Roberts pointed out that the closure of the market during the spring made that inevitable.
He also stated that lenders had told him they anticipated business remaining strong for advisors, despite the overall market contraction, with much of this business happening via direct channels instead of branches.
According to Mortgage Solutions, Roberts then added that:
“Better news for advisors, we may not feel the full impact of that lowering of lending but all the same it looks like we are in for a smaller year.”
This should mean less drop-off in the numbers taking CeMAP mortgage advisor training.
Written by
Brendan O'Neill
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