Nearly one in three mortgages broker-only

Nearly one in three mortgage deals on the market are currently broker-only as lenders continue to make a commitment to the intermediary market, research suggests.

Of the mortgages on offer 29% are available only through brokers with another 31% available direct and through intermediaries, according to Evaluate Technologies.

Abbey and Alliance & Leicester's recent broker-only launches, and Nationwide's decision to not dual-price, are boosting the broker market, Evaluate believes.

However, nearly 40% of mortgage products are still only available direct including market-leading products from HSBC and Cheltenham & Gloucester.

To compete, brokers must face the issue of lenders increasingly going direct to consumers by enhancing their online offering Evaluate says.

Julie Speed, national accounts director at Evaluate, adds: "There are encouraging signs for the broker market in the continuing focus of major lenders on intermediaries as we are starting to see signs of more exclusive products through the larger distribution channels. Brokers have adapted well to changes in the mortgage industry.

"However with nearly 40% of mortgages currently available only direct from lenders it is clear brokers need a solution which enables them to compete effectively and offer strong services to customers.

"Borrowers are looking online and this is continuing to grow so brokers need to be in that space too so that they have an opportunity with the life protection and other insurances which they are currently missing. Online does not have to be a threat to them and offers them a solution to help them achieve their potential."

Evaluate Technologies this week upgraded its real-time white-label online mortgage comparison service for brokers to include enhanced emailing facilities.