IMLA: Brokers dominate market
Figures from the Council of Mortgage Lenders show intermediaries proved a key source of advice and support for people buying their first home during 2010 with lending via intermediaries accounting for 66% of mortgage sales in terms of the total number of loans in the year and 65% by the value of those loans.
Intermediaries were also responsible for introducing 53% of all home mover loans, rising to 55% by value, and 59% of remortgages, rising to 62% by value.
Peter Williams, IMLA’s executive director, said: “The mortgage market can be a confusing and daunting prospect for people looking to buy their first home, those looking to move and those looking to refinance their existing property. There is a paucity of mortgage availability and consumers need help and support when searching for a suitable product.
“This is where mortgage intermediaries excel and add value to borrowers and mortgage lenders. They are adept at matching a borrower with a lender, saving time and money for both parties and it underlines the fundamental importance of this channel, not just to consumers but also to lenders as a flexible and highly effective route to market.
“2010 was a difficult year in terms of mortgage supply but, even so, mortgage intermediaries dominated the market in terms of sales. We expect this channel to perform equally strongly in 2011.”