Mortgage brokers 'often do not have best product available'

Date:Tuesday 21st October 2008

Mortgage brokers frequently cannot access the product that would best suit their clients, a new survey has found.

The poll by the Intermediary Mortgages Lenders Association (IMLA) found that 54 per cent said that the appropriate option was sometimes not available via brokers, after the market had been searched.

Most mortgage brokers (63 per cent) have still recommended the product in such cases, while 37 per cent suggested the client contact the lender directly.

Only about a fifth (22 per cent) of mortgage brokers polled said that they had not found the most suitable product to be unavailable to brokers.

In addition, 28 per cent of respondents believed that recent developments have made their offerings less representative of the entire market, though 67 per cent felt there had not been a change.

Peter Williams, IMLA's executive director, said that limited availability of products, due to some lenders' preference for direct sales, "undermines the position of the intermediary and indeed the choice to the customer".

Meanwhile, comparison website has announced the launch of a new service to help find mortgage deals.

Spokesperson Jeremy Moll said the service would help people seeking remortgages up to six months in advance.