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Mortgage DA figures plummet

More than 300 directly authorised mortgage brokers left the industry in the first three months of this year, according to the latest FSA figures.

The latest mortgage intermediary figures show the number of DA firms who primarily deal with mortgages fell from 6,725 in December 2008 to just 6,422 in March 2009. In December 2007, there were 7,174 directly authorised mortgage intermediaries.

The figures also show that just 119 appointed representative mortgage intermediaries left the industry in the first quarter of this year, down from 4,818 to 4,699.

IFA numbers also fell during the first quarter of the year; the number of directly authorised IFAs fell by 74, down to 5,501 from 5,575. Also, just 15 AR IFAs left the industry over the period, down from 9,392 to 9,377.

Last month, Association of Mortgage Intermediaries director general Chris Cummings revealed mortgage broker numbers were set to halve during 2009.

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