Borrowers seeks out intermediary's advice on mortgages
3rd July 2008
As lenders are tightening their criteria and first-time buyers are concerned about having their mortgage approved, an increasing number of borrowers are turning to intermediaries for advice.
In a statement by the Intermediary Mortgage Lenders Association (IMLA), the organisation has reported that up to 80 per cent of mortgages have been generated by them.
Peter Williams, IMLA's executive director, said: "Intermediary based sales are certain to return strongly, not least because of the benefit to consumers of providing a wider range of choice and enabling customers to choose based on high quality independent advice."
Mr Williams explained that it is important for first-time buyers and homeowners to have a wide choice of mortgage options so that they are able to make an informed decision about which lender to go with.
In related news, Cheltenham & Gloucester, has announced that it has trimmed some of its fixed-rate mortgage deals, taking rates down from 7.05 per cent to 6.99 per cent.