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Almost 90% of broked applications successful in Q2: IMLA

Money

Nearly 90 per cent of mortgage applications made through brokers resulted in offers in Q2 2017, the highest ever, according to the Intermediary Mortgage Lenders Association.

The trade body says 88 per cent of applications were successful in the period, up 13 per cent year-on-year, according to its latest Mortgage Market Tracker.

The trade body began keeping the figures in Q1 2016.

The percentage of offers that complete has also grown year-on-year, from 75 per cent in Q2 2016 to 81 per cent in 2017.

The trade body notes that first-time buyers saw applications resulting in successful offers rise from 71 per cent in Q2 2016 to 88 per cent in Q2 2017.

IMLA also says the mortgage market was buoyant in Q2, with gross mortgage lending for the quarter hitting £60.3bn.

This is a 3 per cent increase from Q1 and 6 per cent increase from the same point in 2016.

Chart 1: Rate of mortgage applications via intermediaries resulting in offers, Q1 2016 – Q2 2017

Of the intermediaries surveyed, 96 per cent said they felt confident about the future of the mortgage market.

IMLA executive director Peter Williams says: “While the second quarter of 2017 was dominated by political speculation and campaigning, any resulting uncertainty was not enough to send the mortgage market and the determination of aspiring homeowners off their course.

“The percentage of successful applications continued to grow across the board, a testament to the ability of the intermediaries to match consumers with suitable products in what is an increasingly complex marketplace.”

The quarterly report uses data from BDRC Continental.

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