Alan Cleary

Most people are getting on with their lives regardless of politics




Newspapers have a habit of seeking out bad news — shock, loss and downfalls make the best headlines.

However, some positive research from Legal & General Mortgage Club has found that more than two-thirds of homeowners who are looking to buy or sell property in the next six months say that the decision to leave the EU and ongoing uncertainty have had no impact on their plans.

The survey of 2,000 homeowners found that just 12% who had plans to buy in the next six months had delayed their decision because of Brexit, while just one in 10 who were intending to sell had put their plans on hold.

What this shows is that most people are getting on with their lives regardless of what goes on in Britain’s corridors of power. This has certainly been our experience over the past six months or so. While the headlines have pointed to a market that has stalled, frozen in time by Brexit, we’re still seeing applications remain resilient across residential, buy-to-let and bridging.

I suspect that this is partly due to the type of lending we’re focused on — not the mainstream vanilla stuff that is dominated by the big banks, but rather lending to the self-employed, those with credit hiccups in their pasts, landlords with portfolios of buy-to-let properties looking to expand and borrowers who find themselves caught short for one reason or another and need finance to bridge the gap.

While our residential and buy-to-let mortgage volumes have remained strong, we’ve actually seen growth in our bridging business over the past six to nine months, too. This is where I think that reports of a slower residential market are right: stalled purchases and sales have created a bounce in the number of borrowers who need to access bridging finance to complete their move.

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