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Remortgaging tops broker business

Research carried out for Mortgage Strategy reveals the importance of remortgaging to brokers.

In a poll conducted by Alliance & Leicester in February, 105 brokers were quizzed on how their completed mortgage cases break down.

On average, brokers say remortgages make up 58% of their business, with buy-to-let and first-time buyer mortgages lagging at 20% and 18% respectively.

Brokers in the Midlands are completing the highest proportion of first-time buyer mortgages at 19%.

Richard Taylor, head of mortgage products at A&L, says: “Brokers will play an important role in the coming year, advising clients about their remortgaging options.”

top 10 stories online thiS week1. Edeus stops lending: 50 more job cuts announced (25/04)2. Promise Finance goes into administration (21/04)3. FSA bans NI mortgage broker (22/04)4. FSA issues data security warning (24/04)5. BoE to launch £50bn bond plan today (21/04)6. Six out of 10 mortgages go to just three lenders (22/04)7. Abbey withdraws from B2L (21/04)8. Persimmon postpones all future developments (24/04)9. SMS to meet about redundancies on Thursday (21/04)10. Bank of Scotland offers brokers £190 commission (22/04)Ranked by number of hits on www.mortgagestrategy.co.uk, week ending April 25 2008

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