Inspite of political uncertainty
Nearly 9 out of 10 (88 per cent) mortgage applications made via intermediaries resulted in offers during Q2 2017, according to the Intermediary Mortgage Lenders Association’s (IMLA) latest Mortgage Market Tracker. This is 13 percentage points higher than Q2 2016, when 75 per cent of applications led to offers and is the highest proportion on record since the Tracker started at the beginning of 2016.
The quarterly report – which uses data from BDRC Continental – follows mortgage applicants’ journey through the intermediary channel from initial enquiry through to completion. In doing so, it contrasts the fortunes of brokers with a particular focus on first-time buyers (FTBs), homemovers, remortgagors, buy-to-let (BTL) borrowers and applicants for specialist loans.
The Tracker reveals that, despite the political events of Q2 – the snap general election and the resulting hung parliament – the mortgage market remained buoyant, with gross mortgage lending for the quarter reaching £60.3bn: a 3 per cent increase from Q1 and 6 per cent increase from the same point in 2016. Furthermore, of the intermediaries surveyed, 96 per cent stated they felt confident about the future of the mortgage market, suggesting this is a trend that may continue.