More people using brokers to secure a mortgage

There has been an increase in the amount of people using brokers to get a mortgage according to figures from the Council of Mortgage Lenders. During the first quarter of this year approximately 52% of remortgage borrowers took out their loan via a mortgage intermediary, compared to 48% in the fourth quarter of 2012. The stats also show that 48% of home movers and 55% of first-time buyers went via a mortgage broker. This is up from 45% and 54% respectively in the fourth quarter. Aaron Strutt, a broker at Trinity Financial, says: "It is not a really a surprise more people are turning to brokers, it can be a complicated process getting a mortgage. Especially if your financial position is more complex. "We recently secured a mortgage offer for a first-time buyer in less than five days as he was in a rush to exchange contracts." May 17, 2013