Mortgage brokers 'not finding adequate loans'

By Jonathan Dawes, Mon 29 Sep 2008 - Published in Mortgages

New research has suggested two-thirds of mortgage brokers are unable to satisfy their customers, with 70 per cent in the south-east not able to find a loan.

The finding, from the Intermediary Mortgages Lenders Association (IMLA), also found 65 per cent in the midlands, west of England and Wales were unable to find a product, with the tightening of lending criteria and the increase in deposits required being given as the main reasons by 51 per cent of respondents.

In addition, 23 per cent of intermediaries said the withdrawal or lack of products was the reason they could not find loans for their customers.

Peter Williams, IMLA's executive director, commented: "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 also called on the government to ease the liquidity crisis currently being experienced by the market and said a level playing field for all providers is needed.

Recently, personal finance website Fool.co.uk suggested the increase in the London Interbank Offered Rate could lead to a rise in mortgage rates.

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