Lending via brokers made up 62% of total mortgage lending by value and volume in Q1, according to figures from the Financial Services Authority and the Council of Mortgage Lenders that were recently highlighted by the Intermediary Mortgage Lenders Association.
This proportion is a rise on the 60% mortgage market share that brokers had in Q4 2009. In addition, 71% of first-time buyer loans by volume were introduced via brokers in Q1. IMLA says this is the highest proportion since Q2 2009.
By value, the proportion of first-time buyer loans arranged through brokers rose from 67% in Q4 to 69% at the end of March.
These figures are a pleasant surprise. Any positive news along these lines is a welcome shot in the arm for the intermediary market and underlines the value that consumers still place on the advisory process.
They illustrate the strong customer management relationship skills brokers possess, despite challenging conditions.
They also reflect the great job being done by networks and mortgage clubs to support brokers over the tumultuous few years we have endured.
It is a timely reminder to the new government and the regulator of just how important the broker market is to consumers.
Let’s hope they also reflect increased stability in the marketplace and indicate the continuation of the slow but steady market recovery we all want to see.