Mortgage brokers 'have improved access to deals'

Date:Wednesday 17th December 2008
Author: Rachel Fletcher

Mortgage brokers are getting better access to mortgage products, new figures show.

The Association of Mortgage Intermediaries (AMI) also said that the situation would continue to improve for brokers.

It found that the number of mortgage brokers who could not help customers because lenders were saving their best deals for those who approached them directly has gone down.

The AMI's data showed that the figure has gone from 48 per cent to 33 per cent.

It also demonstrated that more mortgage brokers believe there will be fewer lenders engaged in the intermediary market in the next three months.

While 50 per cent used to foresee this, 73 per cent now do.

Noting that customers want to find whatever mortgage product best suits their needs, AMI director-general Chris Cummings said: "Intermediaries have a positive future because we provide the service that consumers value so highly."

Last week, the AMI refreshed its call to the Competition Commission to remove mortgage payment protection insurance (MPPI) from its inquiry into the PPI market.

Mr Cummings said that MPPI was not like PPI for unsecured loans or credit cards.