First time buyers turn to mortgage intermediaries

New figures from the Council of Mortgage Lenders (CML) show that first time buyers are increasingly looking to mortgage intermediaries to help them get a mortgage and find the best deal.

The number of first time buyers using an intermediary has increased to 82.5% in the first quarter of 2008, 10% higher than in quarter one 2007. 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. The figures also show that intermediaries are now responsible for 79% of all remortgages - up 10% on the same period in 2007.

Richard Farr, Director of the Association of Mortgage Intermediaries, said: "Mortgage intermediaries are playing a vital role in the current market place 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.

"Consumers clearly value the advice they receive from mortgage brokers. 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."