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Majority of brokers believe a rate rise will increase business

51% of brokers believe an interest rate rise will increase business as consumers look to secure favourable fixed rates ahead of any further increase, research shows.

The Research is urging brokers to get in touch with any clients approaching the end of their mortgage term now, to help them get the best deal before the central bank raises rates for the first time in a decade.

Despite this, over a third of brokers (35%) expected a rise to have no impact on their business, and a smaller number (14.5%) believe a rise would decrease their business activity over the next year.

The research also highlighted more promising figures for the mortgage market, with six in ten (61%) brokers expecting gross mortgage lending to reach between £240-£260 billion in 2018, and a further 15% believing it will reach over £260 billion.

Adjusted from: Financial Reporter