New buyers seek intermediary advice

Posted: 15 May 2008 11:22:22 GMT

New figures show that first-time buyers are increasingly turning to mortgage intermediaries for advice.

New figures show that first-time buyers are increasingly turning to mortgage intermediaries for advice.

According to the Council of Mortgage Lenders (CML), 82.5 per cent of new buyers sought advice from an intermediary in the first quarter of 2008.

That figure is ten per cent higher than the same period in 2007 and is a sign that buyers are keen for help in the current market.

"The CML figures demonstrate the demand for advice from consumers, and the ability of intermediaries to find a good deal even during difficult times," said Richard Farr, director of the Association of Mortgage Intermediaries.

"Consumers clearly value the advice they receive from mortgage brokers. It is important for government, regulators and the industry to recognise the value of intermediaries to consumers.

"Intermediaries are able to identify the most suitable product for the consumer at a competitive price and analysis of consumer attitudes show they value this advice much higher than that provided by the lenders," he continued.

CML figures also show that intermediaries are responsible for 79 per cent of all remortgages.

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