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Brokers account for almost two thirds of all mortgages

Brokers accounted for nearly two thirds of all mortgages in the first three months of the year, according to data from the Financial Services Authority and the Council of Mortgage Lenders.

Brokers introduced 71% of first-time buyer mortgages, 57% of home mover mortgages, and 64% of mortgages in Jan-Mar 2010.

Peter Williams, executive chairman at IMLA, says that the services brokers offer remain in demand. He says: "Mortgage lending continues to be constrained, with a scarcity of mortgage products.

"This is where the intermediary community adds value to borrowers, ensuring that they are suitably matched for a mortgage application to be successful. Broker experience and expertise are particularly valuable in the current economic conditions."


Article reproduced with permission by Mortgage Strategy. Click on the link for more mortgage stories from www.mortgagestrategy.co.uk

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