Mortgage brokers welcome pledge of support

Date:Wednesday 28th January 2009
Author: Max Freedman

The Association of Mortgage Intermediaries (AMI) has applauded a pledge of support made to mortgage brokers by the Intermediary Mortgage Lenders Association (IMLA's).

AMI director Robert Sinclair welcomed the IMLA's statement that mortgage lenders will keep backing intermediaries.

"We will continue to work with IMLA to ensure that intermediaries merit this support," he said.

This week, the IMLA refuted the pessimistic outlook the AMI had previously given for the mortgage market in 2009.

It said that the number of mortgage broker products available on the market had increased this month and stressed that brokers are "a vital constituent" of the market.

While accepting there will be difficulties in the year to come, the IMLA said that there will be a readjustment of the balance between direct lending and that done through mortgage brokers.

The IMLA said in a statement: "Most lenders still see [mortgage brokers] as the primary route to [the] market and they are working hard to ensure sufficient funding is in place for this channel."