The majority of brokers look set to complete a successful year with 60% expecting their business levels to exceed their 2016 plans.
In their most recent Broker poll, which had over 160 responses, United Trust Bank asked brokers and intermediaries how they felt they were likely to finish what has been an unusual year for politics and the economy.
Although many experts predicted a slow-down in activity in the run up to the EU referendum and something akin to an economic crisis once the ‘Leave’ result was announced, nearly two thirds of brokers appear to have risen to the challenges and achieved a successful year.
- 14% of brokers and intermediaries working in the fields of property finance, asset finance and professional loans rated their 2016 performance as ‘Excellent’.
- 46% indicated that by the year end their figures would be ‘Above plan’.
- 32% expected to finish 2016 ‘on plan’ and just 8% thought their performance would fall short of where they wanted to be.
Although brokers were given the option to indicate they’d had a ‘Terrible’ year, none did.
Harley Kagan, Group Managing Director of United Trust Bank, commented:
“2016 has been an extraordinary year in many respects. First there was the introduction of the MCD which had a considerable impact on the second charge mortgage market. I’m pleased to say we were open for business well ahead of the market. Then there was the uncertainty in the lead up to the EU referendum with scaremongering on both sides of the debate undoubtedly causing some individuals and businesses to hold fire before making significant investments. This was followed by the surprise victory for the ‘Leave’ campaign and the immediate impact it had on sterling. If anyone was looking for an excuse to post a poor set of figures in 2016 there would be several to choose from.”
“However, [pull_quote]UK Brokers have shown their resilience by shrugging off the challenges thrown at them and a clear majority have either performed as well, or better than they expected to.[/pull_quote] This reflects our own experience where we have seen strong performances across the lending divisions of UTB with some being outstanding. The growth of our new Mortgage business for example is worthy of special note and attracted much praise from brokers and customers in its first year.”
“With the process of exiting the EU likely to start in the Spring, and an unpredictable US President being sworn into office in the New Year, 2017 will take us into uncharted waters. More uncertainty lies ahead, but if 2016 has shown anything, it’s that brokers and lenders can succeed even in the most challenging of circumstances if they work together.”