New buyers seek advice from intermediaries

Published: May 15, 2008

First-time buyers who are trying to get a mortgage quote are increasingly turning to mortgage intermediaries for advice.

That is according to the Association of Mortgage Intermediaries (AMI), which said that the credit crunch has encouraged many new buyers to seek advice.

The Council of Mortgage Lenders (CML) has revealed that 82.5 per cent of first-time buyers in the first quarter of 2008 sought advice from an intermediary.

AMI director Richard Farr said that intermediaries have an important role to play in helping people to get a mortgage quote in the current market.

"The CML figures demonstrate the demand for advice from consumers, and the ability of intermediaries to find a good deal even during difficult times," he commented.

"Consumers clearly value the advice they receive from mortgage brokers. It is important for government, regulators and the industry to recognise the value of intermediaries to consumers," added Mr Farr.