IMLA comments on Bank of England Money and Credit report (September 2015)

29 October 2015

Peter Williams, Executive Director of the Intermediary Mortgage Lenders Association (IMLA), comments

“A stable month of mortgage lending ‒ concluding with approvals 3% above the six-month average ‒ is likely to pre-empt a push by lenders for more business towards the end of the year with intermediaries playing a vital role to support them in achieving their targets.

“Remortgaging was a slow burner at the beginning of the year, but has performed much more spectacularly of late, rising 11% above the average seen over the past six months. UK households are sitting on a record £5 trillion worth of housing equity, and the limited window to secure a low rate indicates the possibility of a much-awaited resurgence in remortgage lending.

“We’re finally getting glimpses of a market recovery bedding in following the introduction of new regulation. The year 2015 may be shaping up as something of a mirror image of 2014, where instead of a fast beginning and a slow end, we’re seeing a slow beginning, and a bounce-back in the second half of the year. So, we can only advise the government to remain cautious and not let the possibility of more regulation curb a recovering market.”

For further information please contact:

Andy Lane / Maham Uzair, Instinctif Partners
Tel: 0207 427 1422 / 29 /

Notes to Editors

About IMLA

The Intermediary Mortgage Lenders Association (IMLA) is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel. Its membership of 52 banks, building societies and specialist lenders include 18 of the 20 largest UK mortgage lenders (measured by gross lending) and account for about 90% of mortgage lending (91.6% of balances and 92.8% of gross lending).

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