Advisers losing mortgage market share

The CML also unveiled further evidence of the severity of the credit crunch, with loan approval rates falling yet again. In the first quarter of 2008, intermediaries took a record share of the UK mortgage market, with over 80% of first time buyers choosing to visit an adviser. However, the proportion of potential borrowers visiting an intermediary has declined, with 77.9% of first time buyers visiting an intermediary in the three months to June. The proportion of home movers using the services of a mortgage broker fell from 63.5% to 60.8%, while the most drastic reduction was seen amo...