The proportion of residential mortgages available only through intermediaries has risen over the last quarter while the direct-only share has fallen, according to analysis by Precise Mortgages.
The total number of residential mortgage products grew 10% between August and October with the number available standing at 2,784 in October, Precise said, following analysis of Moneyfacts’ data.
Of these products 1,106 (39.7%) were only available through mortgage intermediaries – up from 38.9% – while 1,007 (36.2%) were only available direct – down from 38.3%. 671 (24.1%) were available through both channels.
However, despite the growing proportion of products only available through intermediaries the volume of intermediary lending remains at just under one-third of total gross advances, according to IMLA’s analysis of second quarter mortgage lending.
Meanwhile, only 44% of borrowers in the UK would use a broker to secure their next mortgage, according a YouGov poll of 2,000 borrowers commissioned by Precise Mortgages, but four in five borrowers said they would prefer to make just one mortgage attempt.
Alan Cleary, managing director of Precise Mortgages, said: “High street lenders are losing ground to brokers in terms of the number of products they can offer borrowers but the amount they spend on marketing and promotion ensures that many borrowers believe the high street is the only option for them.
