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Mortgage market 'dominated by prime lending'
04 February 2008
Prime mortgage lending continues to dominate the UK property market, figures from the Intermediary Mortgage Lenders Association (IMLA) suggest.
The trade body, which represents mortgage brokers, says that recent economic turmoil in the sub-prime market means that just 30 per cent of mortgages are non-conforming.
It also revealed that of this 30 per cent of mortgages which are not in the prime sector, 90 per cent are handled by intermediaries.
Peter Williams, IMLA's executive director, comments: "Specialist, intermediary lenders are often associated with sub-prime, buy-to-let and other forms of non-conforming lending, but we mustn't overlook the fact that significantly more prime business is handled through intermediaries than direct - £140 billion for intermediaries compared with £115 billion direct.
"Even so, non-conforming business does represent around 30 per cent of the whole market and as much as 40 per cent of intermediary business."
He added that mortgage brokers continue to play an "important role" in providing products for homebuyers with "unusual requirements and circumstances".
