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'Over half' of mortgage market is direct only

An independent research company has suggested that direct only mortgage products are becoming increasingly popular.

Conducted by Defaqto, the study found that 53.7 per cent of mortgages are now only available direct from the provider.

This compares to a figure or 22 per cent in April 2007.

Kevin Bray, analyst for banking at Defaqto, commented: "Our research shows that 12 of the top 20 best buy fixed rate mortgage products are only available directly from the provider.

"The steady growth in direct only products over the last two years has clearly placed mortgage brokers at a disadvantage but it also leaves consumers with a difficult choice to make. Do they seek the advice of a mortgage intermediary or do they do their own research and approach the provider directly?"

This research follows a report from the Land Registry which claimed that house prices in the UK fell by 0.6 per cent between February and March.ADNFCR-1898-ID-19753907-ADNFCR

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