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82.5% of first time buyers use brokers

The number of first time buyers using a mortgage intermediary has increased to 82.5 per cent in Q1 of 2008, up 10 per cent from last year, says the Council of Mortgage Lenders.

CML adds that intermediaries are now responsible for 79 per cent of all remortgages, up 10 per cent on the same period in 2007.

These figures are released as the government announces further measures to assist first time buyers to get on the property ladder through shared equity schemes.

Association of Mortgage Intermediaries director Richard Farr says mortgage intermediaries are playing a “vital role” in the current market place as first time buyers struggle to find a mortgage deal.

He says: “The CML figures demonstrate the demand for advice from consumers and the ability of intermediaries to find a good deal even during difficult times.
Consumers clearly value the advice they receive from mortgage brokers.

“It is important for government, regulators and the industry to recognise the value of intermediaries to consumers. In these difficult times it is more important than ever for consumers to access good advice.”

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