Broker protection business will rise to match mortgage lift - First Complete

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Broker protection business will rise significantly in the next two months to catch up to a notable lift in the mortgage market, First Complete has said.

The network reported 61% of its mortgage and protection advisers were more positive about the mortgage market, compared to 29% six months ago.

And 66% expect to write more business in the next three months; a rise from only 46% six months ago.

Toni Smith, sales operations director of First Complete, said: " says, "The percentage of advisers feeling positive about their businesses has more than doubled, while the numbers who expect to write more business over next three months has increased by 50%. In real terms the numbers who say they feel more positive has gone up almost four fold.

"As the mortgage market has picked up over the last couple of months, there has been an interesting shift in the type of business that our appointed representatives expect to write that we are already seeing evidence of, as mortgage business in some cases, starts to take priority over protection business. What we expect to see in the next month or two is an equivalent rise in protection cases which correspond with the rise in mortgage business."

According to First Complete,38% of appointed representatives expect the biggest growth from purchases while just 12% expect to do the most in protection business. It compares to just 14% and a much higher 42% respectively last September.

There was also 21% proportion expecting to do most in buy-to-let that has seen a small increase to 34%.

First Complete's quarterly adviser sentiment survey also showed clients were not feeling as upbeat as advisers, with only 34% more positive than three months ago and 59% feeling about the same.

The survey also showed advisers were divided on the impact Help to Buy would have on the market, with 47% feeling it would be a help, 38% felt that it would not be and 15% either unsure or believing some additional help was needed.

Smith said: "Only time will tell the success of the Help to Buy scheme, but it's clearly something that divides opinion. However, if all it does is increase consumer confidence that has to be a good thing and it will be interesting to monitor how consumer sentiment has changed three months from now."

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