Latest data reveals the important role played by intermediaries in the mortgages market.
Data released by the Council of Mortgage Lenders (CML) shows that 65 percent of mortgages by loan-value and 66 percent of total number of approvals in 2010 was done via intermediaries.
Intermediaries were also responsible in introducing 53 percent of all home mover loans or 55 percent by value. They also facilitated 59 percent of remortgages, which accounted for 62 percent by value of total remortgages.
Borrowers can often find the mortgages market huge and confusing – especially when the mortgages approval rates are low, said Executive Director of Intermediary Mortgage Lenders Association (IMLA), Peter Williams.
“This is where mortgage intermediaries excel and add value to borrowers and mortgage lenders”, he said.
“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”, he added.
The IMLA is a trade body that specializes in distributing mortgage products and represents the interest of lenders who choose to market their products through brokers rather than direct or branch networks.