1 in 4 brokers say FLS has disappointed: IMLA

The Intermediary Mortgage Lenders Association’s poll of 300 brokers found that 53 per cent of respondents thought the government-backed initiative to boost lending had improved product choice.

While two-thirds of brokers said that product pricing had improved, 40 per cent believed the scheme had opened up the mortgage market.

Peter Williams, executive director of IMLA, said: “It is likely that FLS-related lending figures will improve as the year progresses but we are still well short of previous peaks, so it is little wonder that the first 12 months of the scheme have seen a muted response from brokers.”

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Adviser view

Henry Knight, managing director of London-based Springtide Capital, said: “While it is encouraging to see so many first-time buyers being able to take their first steps on to the property ladder, our concern is that going too far with the highest loan-to-value brackets could end up causing us unwanted problems further down the road.”