Intermediaries 'an essential part' of the mortgage market

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Intermediaries have been described by an industry expert as an "essential part" of the UK's mortgage market.

Peter Williams, the executive director of the Intermediary Mortgages Lenders Association (IMLA), said that such firms were "key" to customer service and the maintenance of a competitive sector.

Recent research by the organisation found that the proportion of mortgages originated from the intermediary sector stood at 75 per cent in the first quarter of this year.

According to Mr Williams, the growth of the mortgage adviser has "changed everything" in the market.

"Consumers for their part have benefited greatly from the myriad of products available to them, and from the expert and independent advice provided by intermediaries who guide them through this bewildering market place," he added.

Recent research by the IMLA found that remortgaging and standard status business are increasingly dominating the mortgage market.

According to the body's survey of intermediaries, almost half of all mortgage cases were remortgages, with respondents also expecting an increase in the near future.

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