Case volumes among advisers have remained steady in Q3 2019, despite the political uncertainty, according to the Intermediary Mortgage Lenders Association’s (IMLA) Mortgage Market Tracker.
The average number of Decisions in Principle (DIPs) that intermediaries dealt with in Q3, 2019 has remained stable at 28 from the previous quarter (27).
A divide in case volumes between the regions is also clear, with advisers in the north of the UK reporting average DIP volumes of 36 in Q3, 2019 with those in the south handling 25 in the same three months.
Advisers also maintained the number of conversions from full applications to completions between Q3, 2018 (72%) and Q3, 2019 (73%). The overall conversion rate of DIPs to completions has also remained stable year on year at 48%.
The Mortgage Market Tracker report is commissioned by IMLA each quarter and draws on insight from UK intermediaries regarding market strength and sentiment.
Kate Davies, Executive Director of IMLA, comments
“Even with deal or no deal, our Mortgage Market Tracker shows brokers are keeping themselves busy. From first-time buyers and those with complex circumstances to remortgagors and landlords, consumers are pressing ahead with their housing plans. In many cases, they are continuing to rely on the expertise of intermediaries to help them find the best mortgage for their needs.
“It’s unlikely to be a record year for the mortgage market, but as we approach the end of 2019, we can remain confident that the sector is stable and resilient in the face of wider uncertainty.”
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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 of 41 banks, building societies and specialist lenders include 16 of the 20 largest UK mortgage lenders (measured by gross lending) and account for about 90% of mortgage lending (89.4% of balances and 90.6% of gross lending).