Brokers account for over two thirds of first-time-buyers mortgages
Published on June 7th, 2011 by admin. Filed under insurance
The latest figures from the Council of Mortgage Lenders suggest that brokers accounted for 63% of first-time-buyers mortgage deal, 60% of remortgage loans and 53% of home mover loans during the first three months of 2011. This shows that first-time-buyers mortgages have stayed at the same amount, remortgage loans have dropped by 4%, and home mover loans by just 1%, compared with the last quarter of 2010.
Concerning value, remortgaging via intermediaries shot up to 63% in the first quarter of 2011, up 4% on the previous quarter, home mover loans stuck fast at 54%, and first-time-buyer value saw a slight drop to 60% from 62% of the last three months of 2010.
Executive for Intermediary Mortgage Lenders Association, Peter Williams, commented on the important role of intermediaries in the mortgage market within the UK, and the encouraging signs that; ‘despite massive change in the market they still account for the most significant proportion of mortgage business. Intermediaries excel at helping consumers find the right product for their needs, adding value to both borrowers and mortgage lenders.’ He went on to praise their strengths when matching a borrower with a lender, a process which saves both time and money for all involved.
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Mr Williams added that members are keen to point out that, despite current perceptions that getting a mortgage should be a difficult process; there are funds available to those looking to borrow it – even in the mortgage market being what it is.
Mr Williams also points out that product availability is on the up, and activity is beginning to increase; ‘Product availability is improving and we are starting to see specialist sectors of the mortgage market more active again. That is important as it helps serve a wider range of mortgage customers and complements the lending already undertaken at the prime owner-occupied level.’
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