“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 / firstname.lastname@example.org
Notes to Editors
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 unites 43 banks, building societies and specialist lenders, including 16 of the top 20 UK mortgage lenders responsible for more than £180 billion of annual lending.
IMLA provides a unique, democratic forum where intermediary lenders can work together with industry, regulators and government on initiatives to support a stable and inclusive mortgage market. Originally founded in 1988, IMLA has close working relationships with key stakeholders including the Association of Mortgage Intermediaries (AMI), UK Finance and the Financial Conduct Authority (FCA).