Intermediary mortgage lending 'increases for second quarter'

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Intermediary mortgage lending 'increases for second quarter'

According to data from the Financial Services Authory and the Council of Mortgage Lenders, mortgage lending via intermediaries rose between April and June this year.

The figures, which showed that lending negotiated via an intermediary increased for first-time buyers by 30 per cent and by 26 per cent for home-movers, were welcomed by the Intermediary Mortgage Lenders Association (IMLA).

Peter Williams, executive director of the IMLA - which acts as an industry representative - said the results demonstrated the "key role" intermediaries played in mortgage distribution.

He added: "Despite changes to the UK mortgage market and the current fragile economy, there are funds available to obtain a mortgage."

Mr Williams stressed that IMLA members were keen to communicate this message and that product availability was improving in the long term.

Yesterday (August 16th), Nationwide subsidiary lending service The Mortgage Works announced that it was enhancing interest and fee rates on many of its products for intermediaries, improving rates by up to 1.4 per cent.
 ADNFCR-323-ID-800702551-ADNFCR

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