Figures from the Council of Mortgage Lenders show that 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.
The figures also highlight the value that homebuyers and remortgagers continue to place on the expertise and service levels offered by the mortgage broker community. Intermediaries were responsible for introducing 53% of all home mover loans, rising to 55% by value, and 59% of remortgages, rising to 62% by value.
IMLA, the specialist trade body representing the interests of lenders who market their products through brokers, has declared 2011 as the year the mortgage industry needs to return to confidence and it is imperative that lenders and intermediaries work closely to achieve that.
Peter Williams, IMLA's Executive Director, says:
"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."
