Lending via intermediaries increased during the second quarter of 2011.
New figures from the FSA/Council of Mortgage Lenders show that the level of business via intermediaries rose for first-time buyers and home movers during the period. The value of loans via intermediaries for first-time buyers increased by 30% (from £2.7 billion in the first quarter to £3.5 billion in the second quarter) and by 26% for home movers (from £5.4 billion in the first quarter to £6.8 billion in the second quarter).
By volume, loans via intermediaries increased by 25% for first-time buyers (24,000 in the first quarter to 30,000 in the second quarter) and 24% for home movers (33,000 in the first quarter to 41,000 in the second quarter).
The total share by volume for the quarter stands at 64% for first-time buyer loans and 55% for home mover loans, very similar to quarter one.
The Intermediary Mortgage Lenders Association (IMLA) has welcomed the news. Peter Williams, IMLA’s executive director, said: “These figures are encouraging and demonstrate the key role of intermediaries to mortgage distribution. Intermediaries have the knowledge required to provide specialist information
