Brokers are finding mortgages easier to source which proves the relationship between lenders and brokers has gotten stronger, the Intermediary Mortgage Lenders’ Association has claimed.
An IMLA survey revealed that almost a third (30%) of mortgage brokers had no problem sourcing any type of mortgage in the second half of 2016, double the amount in the first half of 2015 (15%).
Peter Williams (pictured), executive director of IMLA’s, said: “It is hugely encouraging to see a greater number of brokers are reporting that they are successfully arranging mortgages for a wide variety of clients.
“Over the past few years, regulations like the Mortgage Market Review have raised the bar in terms of borrowers’ requirements, which some predicted would leave many borrowers locked out of the market.
“This new regulatory regime has made the intermediary channel more important than ever, and brokers are clearly doing a great job of helping people get a foot on the housing ladder.”
Just 16% of brokers were unable to source a mortgage for first-time buyers in the second half of 2016, which Williams added is very positive news in a time of rising house prices.
Brokers had a harder time sourcing borrowers in other categories, as 46% were unable to source a deal for an adverse credit borrower, 34% with a buy-to-let borrower and 31% for an interest-only customer.