Rise in mortgage enquiries in UK

srrMore UK mortgage applications through intermediaries is successful than a year ago. The overall rate of mortgage applications in UK resulting in completions reached 70% in the first quarter of 2017. According to the Intermediary Mortgage Lenders Association (IMLA) tracker report, 67% of first time mortgage applications were completed. Overall there is an improving picture for the wider intermediary market. The rate of mortgage applications resulting in completions across the intermediary channel reached 69% in the first quarter of 2017, the highest level since the tracker was launched at the beginning of 2016 and 11% higher year on year and up 4% quarter on quarter.

Peter Williams, IMLA executive director: “First time buyers struggles have been highly revealed, with affordability stretched by rising house prices and modest income growth. However, rising levels of mortgage enquiries, applications and completions shows that a significant number of first time buyers are still both willing and able to get a foot on the property ladder, Low mortgage rates have contributed to this improving outlook for first time mortgage borrowers. However, with the Bank of England reporting that average rates are creeping up on the higher loan to value (LTV) products that buyers with modest deposits rely on, policymakers must continue to do their upmost to support lending to this part of the market, The intermediary channel is well placed to deal with the needs of the growing number of borrowers with non-standard circumstances, which is reflected in intermediaries’ high levels of confidence, adding that in the first quarter of 2017 some 99% of intermediaries reported they were confident in the outlook for their business, with a further 64% reporting they were very confident.

Leave a reply

Your email address will not be published.

Back to home page