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Fewer than half of mortgage DIPs issued complete – IMLA

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  • 12/12/2019
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Fewer than half of mortgage DIPs issued complete – IMLA
Intermediaries dealt with an average of 28 decisions in principle (DIPs) in the third quarter of 2019, the latest mortgage market tracker from the Intermediary Mortgage Lenders Association (IMLA) has revealed.

 

This is a slight rise from the 27 seen in the last quarter, and is the highest figure since the first quarter of 2018 when it stood at 31.

The report found a significant regional variance too, with advisers in the north reporting average DIP volumes of 36 during the three months, while those in the south saw just 25 DIPs over the same period.

However, the proportion of DIPs leading to a DIP accept has dropped to 83 per cent, down from 85 per cent in the second quarter and 86 per cent at the start of the year.

There has also been a fall in the number of DIPs leading to a full application, from 85 per cent last quarter to 80 per cent, while conversion from DIP to completion has dropped from 56 per cent to 48 per cent.

Kate Davies (pictured), executive director of IMLA, said that despite the uncertainty arising from the Brexit situation, brokers were keeping themselves busy.

She added: “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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