Intermediaries still ‘dominate’ mortgage lending

Published on

Figures released last week by the Council of Mortgage Lenders, using FSA data, showed that mortgage lending via intermediaries, by value, accounted for 64% of total mortgage lending in the first quarter of 2009, approximately the same proportion as the second half of 2008.

IMLA claims the data highlights the reality that the industry as a whole continues to use intermediaries as the main channel and that the evidence suggests homebuyers and remortgagers continue to value the expertise and service levels offered by the mortgage broker community. This is despite attempts by some lenders to move towards direct-only distribution

The figures showed that 70% of first-time buyer loans, by volume, came through intermediaries in the first quarter of 2009, up from 68% in the previous quarter, while home mover loans increased from 56% to 58% over the same period.

Peter Williams, IMLA’s executive director, said: “People 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. Their experience and expertise are particularly valuable in the current economic conditions

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...