According to the Council of Mortgage Lenders (CML) the use of mortgage intermediaries by first time buyers has increased in Q1 2008.

The figures released by the CML show that 82.5% of first time buyers used a mortgage intermediary, a rise of 10% from Q1 2007. The CML also looked at the number of remortgages achieved through the use of an intermediary, this also showed a rise of 10% to 79% from the same period last year.

Tracy Elwick, director of public relations and marketing for the Association of Mortgage Intermediaries (AMI), told PIN: “Intermediaries are proving to be an ever popular route for first time buyers for a number of reasons; they are able to identify the most appropriate product at the best price and will take into account the individual circumstances. The service they offer is more flexible, not sticking to office hours and often visiting the client in their home long after local branches have closed for the evening.”

Richard Farr, director of AMI, was asked by PIN whether he felt this trend would continue once market conditions improved? He said: “Yes we do believe that this trend will continue throughout market turbulence and when the market returns from its current state of flux. The current CML figures clearly show that there is consumer demand for advice through the intermediary channel and this must be recognised.”