The number of loans made through intermediaries increased by 32.8% between the first and second quarter of 2013 to 125,900, Council of Mortgage Lender figures have shown. The value of loans jumped 36% to £18.9bn.
L&G housing and external affairs director Stephen Smith (pictured) said: “Our own market growth share figures have been quite astronomical over the last few years. I wouldn’t just put that down to how good we are – it is a long term trend.
“We just see that trend continuing. If you are a lender and you have to meet fixed costs or you can put things out through intermediaries I know what I would go for.”
Smith’s comments come after Intermediary Mortgage Lenders Association executive director Peter Williams suggested intermediary lenders were at the heart of the summer mortgage lending boom.
He told Mortgage Solutions: “An increased share of the market is intermediary business. Direct lending is coming down and intermediary lending is going up.”
