Mortgage brokers dominate the mortgage market

According to a recent study into mortgage lending during the first quarter of 2010, mortgage brokers accounted for 62% of all property loans.

First time buyers seem to the biggest group looking to mortgage brokers for advice on the right product for them, with 71% of first time buyer loans coming from intermediaries.

Mortgage brokers have been very important to homemovers and remortgagers, bringing 57% of all homeowner loans to the market and 64% of remortgages by value.

Many mortgage brokers lost out during 2009 when lenders sought to offer product strictly through branches, but the recent statistics show that brokers are a vital and value channel for all. This is not just the case for borrowers who want to know what the whole market has to offer but is also key to lenders, offering them an effective route to market.

The study shows that people want advice and someone who can give them a good over view of the market and explain what will really suit their needs. The mortgage market is a frightening place for many, especially for first time buyers, so it is not completely unsurprising that they are looking to experts for help.