Brokers accounted for 63% of FTB mortgages in Q1

31 May 2011 | By Natalie Thomas

This compares to 63%, 56% and 52% of first-time buyer, remortgage and home mover loans during Q4 of 2010.

Based on value, remortgaging via intermediaries grew to 63% in Q1 2011 verses 59% in Q4 2010, home mover lending remained stagnant at 54% and first-time buyer value dropped slightly to 60% verses 62% in Q4 2010.

Peter Williams, executive director of the Intermediary Mortgage Lenders Association, says: “Intermediaries play an important role in the UK mortgage market and it is encouraging that despite massive change in the market they still account for the most significant proportion of mortgage business. Intermediaries excel at helping consumers find the right product for their needs, adding value to both borrowers and mortgage lenders.

“They are adept at matching a borrower with a lender, saving time and money for both parties.”

He says its members are keen to stress that there are funds available to borrowers in the current market and fights the perception that seems to exist amongst certain borrowers and brokers that they won’t be able to obtain a mortgage.

He adds: “Product availability is improving and we are starting to see specialist sectors of the mortgage market more active again. That is important as it helps serve a wider range of mortgage customers and complements the lending already undertaken at the prime owner-occupied level.”
 

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