More people are turning to mortgage brokers, survey says

18 May 2010

More mortgage seekers are going through brokers to obtain the right product for them, the Intermediary Mortgages Lenders Association (IMLA) has said.

Figures from the Financial Services Authority and the Council of Mortgage Lenders have revealed that almost two-thirds of all home loans are introduced by brokers - a result the IMLA claims is proof that the intermediary sector still dominates the lending market.

The organisation stressed the importance that borrowers place on the expertise and experience mortgage brokers are able to offer, particularly first-time buyers of whom 71 per cent have agreed loans through a third party.

Peter Williams, IMLA's executive chairman, said: "[Those seeking a mortgage] value the service that the mortgage broker community provides and that is why they remain the first destination for many when looking for a mortgage."

With fewer mortgage products on the market at the moment and the rate of lending still constrained, this is the time that the skills of a mediator are at their most valuable, he added.

A report from the National Association of Estate Agents on May 12th reported that there has been a rise in the number of buyers and sellers on the property market, which could suggest an increase in the demand for mortgages.

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