Intermediaries create "choice and competition"

Published 03rd Jun 2008

As buyers struggle to find the best mortgage deal, the answer may lie with intermediaries who provide consumers with a better choice and create competition, an industry expert has said.

The Intermediary Mortgage Lenders Association (IMLA) commented that, in the current financial climate, it is important that consumers are "properly advised".

Peter Williams, executive director at IMLA, explained that intermediaries provide consumers with essential "expert and independent" advice.

Mr Williams, said: "Despite all the challenges, the market will return and a robust intermediary sector will be essential, particularly given the still substantial choice of products and the need for customers to be properly advised."

Financial Services Authority advice has stated that consumers must be sure that "there may be more competitive products in the market other than those available to the intermediary".

According to the Council of Mortgage Lenders (CML), more than 75 per cent of mortgages were sold through intermediaries in the first quarter of 2008.

Source: ' Houseladder Ltd '

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