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AMI backs brokers’ support for lenders

The Association of Mortgage Intermediaries has voiced its support for the open letter backed by seven of the biggest UK mortgage distributors, as revealed in Money Marketing today.

This week’s issue includes an open letter to the mortgage intermediary market written by Premier Mortgage Service managing director John Malone.

It calls on mortgage brokers to understand and make allowances for the huge strain the credit crunch is placing on lenders.

It has been signed by Sesame, Openwork, Pink Home Loans, Personal Touch Financial Services, Legal & General Mortgage Club and Home of Choice.

AMI director Richard Farr says: “It is a sign of how strong the mortgage market is that lenders and brokers unite at troubled times to ensure the interests of the consumer remain paramount. The market liquidity crisis is turning into a collapse of confidence which is driving up rates and restricting criteria.

He adds: “It is important for the whole industry to understand each others pressures and to work together to resolve the issues. This is why AMI is working with politicians, HM Treasury and policy makers to promote a range of initiatives to restore much needed trust and confidence back into the markets. It is our intention to share these details with membership shortly.”

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