Brokers grew their residential market share to 66.4 per cent in the fourth quarter of 2015 after a dip in the previous quarter.
Their market share fell back from 67.7 per cent in Q2 to 64.4 per cent in Q3, but this was back up again in the last quarter of 2015. Brokers’ largest share of the market was in Q3 2009, when they wrote 69 per cent of new loans.
In Q4, brokers wrote 72 per cent of first-time buyers loans (Q3 = 71 per cent), 65 per cent of home mover loans (Q3 = 64 per cent) and 65 per cent of remortgage loans (Q3 = 62 per cent).
Coreco director Andrew Montlake says: “These figures show the broker market continues to be strong, even in the remortgage market. It seems borrowers would much rather take independent advice rather than going into a branch or doing a product transfer online, which is great news.”
Distribution swung in favour of brokers after the FCA introduced the Mortgage Market Review in April 2014, with experts suggesting the dominance of intermediaries is as a result of lenders struggling to provide advice effectively.