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Brokers hang on with remortgages

Robert Sterling managing director Kevin Duffy says business levels are down by 20 to 40 per cent from last year.

He says: “The only thing sustaining brokers is their remortgage book. The important question is whether these businesses can get to April with enough capital to support them. When we get to April, I think the sun will shine.”

Hamptons managing director Jonathan Cornell says: “We are up from where we were last January. We had never cracked working with estate agents particularly well but we are now working with them more efficiently. Our estate agents have been reasonably busy but a lot of it has been speculative.”

Figures from the British Bankers’ Association shows the number of mortgages approved in December was down by 38 per cent year on year from 70,900 to 42,088.

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