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IFA sales hold up despite dual-pricing

Intermediaries’ share of the mortgage market is holding up despite concerns that dual-pricing would dent business.

Council of Mortgage Lenders’ figures for the second quarter show that inter- mediaries took 61 per cent of the homemovers’ market, down slightly from 63.5 per cent in the first quarter but up from 57.9 per cent in Q2 2007.

Intermediaries’ share of the first-time buyer market was 78 per cent, a slight decrease from 81 per cent in Q1 2008 but up from 72 per cent in Q2 2007.

The biggest change was in the remortgage market where intermediaries’ share fell to 67.4 per cent from 79.1 per cent in Q1 2008 and 70.4 per cent in Q2 2007.

Overall purchases fell by 9.6 per cent to 47,000 in June while remortgages were down by 2.6 per cent to 75,000.

The Mortgage Broker Ltd managing director Darren Pescod says: “People are obviously worried right now and are looking for someone to talk to and sound out the market for them, which is why these figures are so healthy.

“First-time buyer numbers might be high because more of them are looking for pre-approval before making a solid decision.”


With-profits warning after sales soar

Leading advisers have warned that advisers must be able to justify the sale of high-commission with-profits bonds as evidence suggests sales are rising substantially.


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