The survey of 265 intermediaries also found that 87% of participants felt confident about their company’s prospects next year, only down 3% from the bank’s last survey in January.

Nearly two-thirds (63%) expect to see revenues rise in the coming year, with 36% predicting growth to be in double figures.

When asked about the challenges they face, almost one in three (30%) brokers said that economic uncertainty was the biggest obstacle their business faced in the next six months. 

23% reported that they were concerned about lenders' service levels, and 19% believe that the biggest challenge they face is local or national lockdowns due to Covid-19.

Despite the difficulties, 12% of brokers stated that specialist mortgages were experiencing the most growth, compared to 21% for first-charge mortgages for home movers, and 14% for remortgages.

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However, when asked to consider which areas of the market needed greater innovation to grow more quickly, 19% of intermediaries said specialist mortgages, 23% said first-charge mortgages for first-time buyers, and 11% stated the later life lending sector.

Rob Barnard, director of intermediaries at Masthaven (pictured above), said the "resilient" confidence among brokers was testament to the “strong, collaborative effort between brokers and lenders in an unprecedented time”. 

“The industry has demonstrated this year that it can continue to operate in extraordinary circumstances and provide the support customers need. 
 
“As the pandemic continues to wreak havoc on the finances of people across the UK, brokers will be key in helping many people who no longer fit the model of a ‘vanilla’ borrower unlock affordable finance. 

“Looking ahead, tough economic conditions and a potential no-deal Brexit may mean more challenges ahead. 

“However, knowing that brokers are optimistic about 2021 should give lenders and customers greater confidence and provide an opportunity for the market to expand and innovate further.”