More than half of all mortgage brokers have been unable to arrange a mortgage for a first-time buyer, according to the Intermediary Mortgage Lenders' Association (IMLA).
IMLA's survey found 56% of brokers were unable to source a deal for FTB clients because the most suitable products were not available to intermediaries. The study, which covered the final three months of 2008, found 58% of first-time buyers had been unable to get a mortgage through their broker. Of those unable to obtain a mortgage, eight out of ten opted to rent instead. Peter Williams, executive director of IMLA, says: "The first-time buyer end of the market has been hit extremely hard by lenders tightening their LTVs. "For youngsters without a substantial deposit, the only alternat...
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