Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, comments on brokers' optimism about the future of the UK mortgage sector, despite a challenging economic backdrop, and their calls for lenders to innovate to accelerate the mortgage process.

Research shows an overwhelming majority of brokers report feeling more positive about the sector’s prospects now compared to the start of 2024, with many expressing confidence that the housing market will experience growth over the next three years. However, many brokers are wary of the need to navigate ongoing challenges such as uncertainty over the wider economy and continued high interest rates.

Brokers also highlighted the need for greater progress in introducing technology to streamline the application process and help borrowers secure their homes more quickly.

Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, said:

It is promising to see brokers’ optimism and feeling of resilience within the sector compared to a year ago, especially within the context of ongoing economic challenges and the pace of change across the sector. We are committed to maintaining this ongoing dialogue with brokers to understand their concerns and pressures, so that we can evolve our products and services to serve them and their clients.

As lenders we can't ignore the concerns brokers are voicing, including the speed of the mortgage process and their calls for further integration of technology to streamline the process. It is only by continuing to collaborate with brokers and the industry we can enhance our offering, helping borrowers to achieve their homeownership goals. Together, we have a responsibility to drive the progress that will ensure the sector’s long-term growth and success.

Full press release: 8 in 10 mortgage brokers reveal renewed optimism amid economic challenges, but call for greater innovation from lenders

Media contact: Rachel Mason, 07759 147131 / prprose@live.co.uk