You are here: Home - Better Business - Business Skills -

High broker confidence could be required in cooling economy – IMLA

by: Peter Williams, executive director of the Intermediary Mortgage Lenders Association
  • 05/09/2017
  • 0
High broker confidence could be required in cooling economy – IMLA
IMLA published the latest edition of its Mortgage Market Tracker last month, which showed there was a record high in the rate of successful mortgage applications in the second quarter of 2017.

According to the tracker, nearly nine out of every 10 (88%) mortgage applications submitted via intermediaries led to offers in Q2 – up 13 percentage points on the same quarter a year earlier.

This is the highest rate of offers since the Tracker started at the beginning of 2016, despite an uncertain political and economic backdrop.

First-time buyers were also more successful in Q2; 88% of their applications led to an offer, up from 71% in Q2 2016.

This continued growth in successful applications is a testament to the intermediary channel’s ability to match consumers with products in a complicated and competitive marketplace.

Borrowers’ applications are subject to a number of regulatory hurdles, and while various layers of regulation have built a healthy and sustainable market, it can make obtaining a mortgage more challenging.


Continuing confidence

The tracker also revealed a pervading sense of optimism among brokers themselves.

When asked, 96% said they were optimistic about the mortgage market’s future.

On top of this, 97% of brokers said they were confident in the outlook for the intermediary sector, and a further 97% said they were confident in the outlook for their own firms.

It would therefore appear then that the snap general election, hung parliament and ongoing Brexit-gloom failed to diminish borrowers’ and lenders’ appetites, or dampen brokers’ positivity.

Data from UK Finance confirms that there was solid growth in Q2, with gross lending totalling 6% more than Q2 2016.

Robust foundations and high levels of confidence might serve the market well in coming months; Nationwide’s suggestion that house price growth is tapering and the economy is cooling off indicates that it may not be all plain sailing from here.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Case study: ‘A timber frame has most lenders running for the hills’ – broker

Adam’s first dealings with Tesco Bank involved something of a complicated property.