According to the latest Mortgage Market Tracker report from the Intermediary Mortgage Lenders Association (IMLA), the typical intermediary placed 92 cases in the 12 months to September, which is below the prior quarter’s average of 94.
Confidence in the intermediary sector fell slightly, with 38% ‘very confident’ and 51% ‘fairly confident’, which compares to 30% and 54% this time last year.
Brokers’ confidence in their own business outlook rose, with 44% ‘very confident’ last year, rising to 51% this year.
Around 51% were ‘fairly confident’ in their business outlook last year, which dropped to 46% this year.
Confidence in the mortgage market stayed roughly stable, with only 30% ‘very confident’, which compares to 28% who were ‘very confident’ in Q3 last year.
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Around 60% said they were ‘fairly confident’, a slight drop from 63% in the same period last year.
Approximately 6% in Q3 last year were ‘not very confident’, which has gone up to 8% in Q3 2025.
The average number of decisions in principle (DIPs) handled by brokers was stable, with conversion also consistent.
More than a third – 36% – of DIPs led to a completed mortgage, in line with Q2.
Conversion from full application to completion was steady at 62%, with an average of around 10 completed cases from every 17 applications.
Looking at the share of mortgage business, 70% was residential, buy to let (BTL) accounted for 21% and specialist cases made up 9%.
Within the residential segment, first-time buyers were the biggest at 22%, followed by movers at 19%, product transfers at 15% and remortgages at 14%.
On the BTL side, landlords looking for 1-3 properties made up 10%, limited companies accounted for 7% and four-plus properties made up 4%.
In the specialist segment, adverse and sub-prime were the largest at 4%, followed by other at 2% and equity release and bridging at 1% each.
Kate Davies, executive director of IMLA, said: “The dip in confidence recorded in September coincided with the Chancellor’s decision to delay the Autumn Budget until 26 November, extending a period of uncertainty that has weighed on sentiment across the economy – housing included.
“Yet the intermediary market continues to perform strongly, with steady activity and sustained customer demand despite widespread caution. It’s particularly positive that the buy-to-let sector has remained resilient, despite concerns around the Renters’ Rights Bill (now the Renters’ Rights Act, having gained royal assent on 28 October).
“Looking ahead, there is understandable anxiety about what the forthcoming Budget might bring. Further property-related taxation or fiscal tightening could affect confidence in Q4. However, by the end of November we should at least have greater clarity, even if the news is challenging, and intermediaries will, as ever, be central to helping borrowers and landlords navigate whatever changes come next.”
