Mortgage intermediaries struggle to satisfy

Some two-thirds of independent mortgage brokers are unable to satisfy their customers, according to new research.

The Intermediary Mortgage Lenders'' Association (IMLA) claims the problem is most severe in the south-east with more than 70 per cent of brokers unable to find their customers a homeowner loan.

In the Midlands, the west and Wales the situation is not much better, with 65 per cent of intermediaries failing to find their customers a suitable mortgage deal, the IMLA claims.

Peter Williams, IMLA''s executive director, said: "Our survey shows how intermediaries continue to battle to satisfy their customers, but the lack of availability of product is affecting all parts of the market."

He said it was essential that the government worked to ease the liquidity crisis, which is stopping banks from providing mortgage funding.

Meanwhile, another struggling mortgage lender has been nationalised.

Bradford & Bingley has been bailed out by the government to the tune of £50 billion.

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