16
May
First-time buyers increasingly using mortgage intermediaries
Increasing numbers of first-time buyers are turning to
intermediaries to secure a mortgage, according to the Council of
Mortgage Lenders (CML).
It found that the proportion of people stepping onto the property
ladder for the first time using an intermediary rose to 82.5 per
cent in the first quarter of 2008, a ten per cent increase on the
same period last year.
In addition, intermediaries are now responsible for 79 per cent of
all remortgages, which is also ten per cent more than in the first
quarter of 2007.
Commenting on the figures, Richard Farr, director of the
Association of Mortgage Intermediaries, said: "Mortgage
intermediaries are playing a vital role in the current marketplace
as first-time buyers struggle to find a mortgage deal."
"The CML figures demonstrate the demand for advice from consumers
and the ability of intermediaries to find a good deal even during
difficult times," he added.
Earlier this week mortgage broker John Charcol stated that
first-time buyers accounted for only four per cent of its customers
in April, a reduction of three per cent from the previous
month.
