Brokers introduced two-thirds of FTB mortgages in 2010
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Brokers introduced two-thirds of all first-time buyer mortgage sales in 2010, accounting for 66% of mortgage sales in terms of the total number of loans and 65% in terms of the value of FTB loans.
The Council of Mortgage Lenders figures also show brokers were responsible for introducing 53% of all home mover loans, rising to 55% by value, and 59% of remortgages, rising to 62% by value.
The Intermediary Mortgage Lenders Association has declared 2011 as the year the mortgage industry needs to return to confidence and says it is imperative that lenders and intermediaries work closely to achieve that.
Peter Williams, executive director of IMLA,, says: “The mortgage market can be a confusing and daunting prospect for people looking to buy their first home, those looking to move and those looking to refinance their existing property.
“There is a paucity of mortgage availability and consumers need help and support when searching for a suitable product.
“This is where mortgage intermediaries excel and add value to borrowers and mortgage lenders.
“They are adept at matching a borrower with a lender, saving time and money for both parties and it underlines the fundamental importance of this channel, not just to consumers but also to lenders as a flexible and highly effective route to market.”
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Readers' comments (4)
Anonymous | 14 Feb 2011 12:34 pm
What about the number that have been referred to banks for FTB's to go "direct" due to dual pricing?
I've sent several clients to HSBC/Britannia as well over the last wee while.
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Jeremy | 14 Feb 2011 1:13 pm
Like pervious comment we have sent FTB`s to banks etc; BUT I wonder how many of the introduced FTB sales were due to Estate agent bullying + tied brokers lying about direct deals + the dual pricing lenders making much better margins through these "intermediaries" whilst all concerned deny it happens. I know personally of agents who will refuse completely to allow FTB`s and others to view property unless they use in house mortgage facilities. AND do not give me the "better service" waffle.
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Anonymous | 14 Feb 2011 5:43 pm
Jeremy, yes indeed, funnily enough i sit typing this, waiting for an appointment who has found a property but the agent was insistent she would not get the offer put forward unless she saw their in house.......
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Andy | 15 Feb 2011 12:25 pm
The offer still has to go forward.
Why dont you attend the appointment with your client to see whats offer/said?
Rather than complain about the dirty tricks EAs use, why not do something to stop them.
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