Mortgage brokers tightened their grip on the remortgage and home mover markets against direct channels in Q1, according to FSA and CML figures.
The figures showed intermediaries accounted for 63% of first-time buyer loans, 60% of remortgage loans and 53% of home mover loans during the first quarter, compared to 63%, 56% and 52% in Q4 2010. In value terms, remortgaging via intermediaries grew 63% in Q1 2011 vs 59% in Q4 2010, home-mover lending remained stagnant at 54% and first-time buyer value dropped slightly to 60% from 62%. IMLA (the Intermediary Mortgage Lenders Association) believes intermediaries are vital in the mortgage buying process, providing valuable consumer advice and driving product innovation and competition....
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