According to the Intermediary Mortgage Lenders Association, recent Council of Mortgage Lenders figures revealed that mortgage lending via intermediaries, by value, accounted for 64 per cent of total mortgage lending in the first quarter of 2009, approximately the same proportion as the second half of 2008.
The figures showed that 70 per cent of first-time buyer loans, by volume, came through intermediaries in the first quarter of 2009, up from 68 per cent in the previous quarter, while home mover loans through advisers increased from 56 per cent to 58 per cent over the same period.
IMLA executive director Peter Williams says: “People value the service that the adviser community provides and that is why they remain the first destination for many when looking for a mortgage.
Williams says because the mortgage market is less than half the size it was at its peak, brokers have to work hard for the reduced business there is in the market.
He says: “Consumers value this channel and clearly so do lenders. Indeed despite all the turbulence in the market a number of lenders have strengthened their intermediary operation. There will be many challenges ahead but in our view the intermediary market will remain at the heart of mortgage distribution”