First-time buyers turn to mortgage intermediaries

New figures reveal first-time buyers are increasingly looking to intermediaries to help them get a mortgage and find the best deal.

According to figures from the Council of Mortgage Lenders (CML), the number of first-time buyers using an intermediary has increased to 82.5 per cent in the first quarter of 2008, ten per cent higher than in the first quarter of 2007.

The figures also show that intermediaries are now responsible for 79 per cent of all remortgages - up ten per cent on the same period in 2007.

"Mortgage intermediaries are playing a vital role in the current market place as first time buyers struggle to find a mortgage deal," said Richard Farr, director of the Association of Mortgage Intermediaries (AMI).

"The CML figures demonstrate the demand for advice from consumers, and the ability of intermediaries to find a good deal even during difficult times."

These figures are released as the government announces further measures to assist first-time buyers to get on the property ladder through shared equity schemes.

"Consumers clearly value the advice they receive from mortgage brokers," continued Mr Farr.

"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.

"In these difficult times it is more important than ever for consumers to access good advice," he concluded.

Chris O'Toole