Defaqto has launched a new banking report which shows the growth in direct only mortgage products.
The independent financial research company says that in 2007 direct only mortgages accounted for less than 22% of the mortgage products available in the market but with many providers no longer trading, and others struggling for funding, direct products now dominate the market, representing 53.7% of all products.
Kevin Bray, insight analyst for banking, said: “Our research shows that 12 of the top 20 best buy fixed rate mortgage products are only available directly from the provider. The steady growth in direct only products over the last two years has clearly placed mortgage brokers at a disadvantage but it also leaves consumers with a difficult choice to make. Do they seek the advice of a mortgage intermediary or do they do their own research and approach the provider directly?