Direct products take 54% of market

Direct-only mortgage deals accoun-ted for 53.7% of the mortgage market in April compared with just 22% in 2007.

Financial research firm Defaqto has produced a report which highlights the growth in direct-only products. In April 2007 there were 590 direct-only deals compared with 1,400 in April 2010.

Broker-only deals made up 25.8% of the market in April 2007 but now only make up 18.4%, with deals available from both channels making up 27.9% compared with 52.3% in April 2007.

Kevin Bray, insight analyst for banking at Defaqto, says: “Our research shows that 12 of the top 20 best buy fixed rate mortgages are only available direct.

“This leaves consumers with a difficult choice – do they seek the advice of a broker or do their own research and approach product providers directly?”