18 May

Property buyers 'continue to trust mortgage intermediaries'

Property buyers 'continue to trust mortgage intermediaries'

Consumers buying homes in the UK continue to place their trust in loan intermediaries, it has been claimed.

According to the Intermediary Mortgage Lenders Association (IMLA), such professionals still dominate the lending market.

The organisation - a trade association that was formed in 1998 - made its comments following the release of figures by the Council of Mortgage Lenders, which showed that lending via intermediaries accounted for 62 per cent of all such transactions during the first three months of this year.

First-time buyers were particularly keen to make the most of this type of third party service, with 71 per cent of all property loans taken out by them going through intermediaries.

IMLA executive chairman Peter Williams said: "House purchasers and those looking for a remortgage value the service that the mortgage broker community provides and that is why they remain the first destination for many when looking for a mortgage."

He went on to suggest that there continues to be a scarcity of property loans available.

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