Brokers struggling to source deals

Eight out of 10 brokers have been forced to leave clients on SVRs because they cannot find them suitable remortgage deals.

And a report from the Intermediary Mortgage Lenders Association also reveals that seven out of 10 have been unable to source deals for their clients over the past two months.

Over half of respondents blamed tighter lending criteria and the increase in deposits required as LTVs are cut and deals pulled.

As a result, many would-be first-time buyers are now choosing to rent while 14% of brokers report that their clients face repossession.

Peter Williams, executive director of IMLA, says: “Many custom-ers are feeling the pain due to the lack of products. Either they’re paying more for existing loans or are being kept out of the housing market and renting instead.

IMLA received 270 valid respon-ses to the survey it conducted to produce the report.

But Bob Riach, proprietor of Riach Independent IFAs, says: “I’m able to place 99% of all mainstream deals I submit.”