Mortgage intermediary market share rises

by Aaron Strutt

Sep 05 2014

The number of mortgage applications submitted to lenders by mortgage intermediaries has increased to 56% in 2014, up from 53% in 2013.

According to the latest IRESS Mortgage Efficiency Survey, more than half of all mortgages were introduced by intermediaries – representing 51% of applications for banks and a higher 63% for mutuals.

The survey also shows that branch mortgage sales have dropped on average to less than a quarter of all transactions and online mortgages sales represent just fewer than 5%.

Henry Woodcock, principal mortgage consultant at IRESS, said: “The Mortgage Market Review has probably increased the amount of lending through brokers as most sales are advised. The lenders have struggled to get enough qualified staff in place.”