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'Independent Brokers Fail To Satisfy' |
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(29th September 2008)
Two-thirds of mortgage intermediaries are incapable of satisfying their customers as a result of the credit crisis, according to new research.
In the south-east where the mortgage drought is most acute, more than 70 per cent of independent brokers are unable to find their customers a homeowner loan, reports the Intermediary Mortgage Lenders' Association IMLA.
Problems are less severe in the Midlands, Wales and the west, but only by a tiny margin, with 65 per cent of intermediaries claiming they cannot find their customers a suitable mortgage deal.
The IMLA's executive director Peter Williams said: "Our survey shows how intermediaries continue to battle to satisfy their customers, but the lack of availability of product is affecting all parts of the market."
He added that relieving pressure on the mortgage market by increasing liquidity should be the government's top priority.
In related news, struggling bank Bradford & Bingley has been nationalised by the British government, which will take on the lender's £50 billion mortgage and loan book.
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