Broker market remains healthy, says IMLA

21 November 2008

The latest Financial Services Authority figures published through the CML show that although intermediary lending’s market share has fallen 6% year-on-year it still provides over 60% of loans being sold in the UK.

Peter Williams, executive director of IMLA, says: “In a tightly restricted market in which some lenders have put more emphasis on their branch distribution and other lenders who were 100% broker based have been forced to suspend lending it’s not wholly surprising that brokers are losing some market share.

"But the good news from these figures is that the broker market continues to hold up as the dominant distribution channel. Almost all lenders recognize the need to support the broker channel.  Customers need good advice and access to choice – particularly in a market which has seen the number of mortgage products dive 85% in the past year.”

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