16 May

First-time buyers increasingly using mortgage intermediaries

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.

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