The Intermediary Mortgage Lenders Association (IMLA) has found that the vast majority of UK Intermediaries (91%) remain positive about the outlook for the mortgage industry, despite ongoing political uncertainty.
IMLA, which is the representative trade body for mortgage lenders who lend wholly or predominantly through intermediaries, has found that sentiment among UK intermediaries has remained positive in the second quarter of 2019. When asked about the outlook for the intermediary sector, 93% of intermediaries felt it was positive, and more than half (55%) were ‘very confident’ about the outlook for their own businesses.
Despite structural changes in the market which may signal future moves towards more hi-tech selling processes and non-advised (execution-only) business, intermediaries have stated that case load volumes have continued to increase steadily. Over the last three quarters, activity has risen to an average of 87 cases per year, closing in on the highest levels seen since the second quarter of 2018. In total, two-thirds of intermediary activity (66%) was made of up residential cases, including remortgaging, first-time buyers and movers.
Kate Davies, Executive Director of IMLA, comments
“It’s clear that most intermediaries feel very positive about the outlook for the UK mortgage sector and it’s no surprise to us that demand has continued to remain strong. There is a huge range of products out there and intermediaries can give borrowers a great service, helping them to negotiate their options and find the right product. Consumers’ circumstances are also becoming increasingly complex and intermediaries are ideally placed to help identify products offered by specialist lenders to help access the finance they need.”
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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 unites 42 banks, building societies and specialist lenders, including 19 of the top 20 UK mortgage lenders responsible for almost £230bn of annual lending.
IMLA provides a unique, democratic forum where intermediary lenders can work together with industry, regulators and government on initiatives to support a stable and inclusive mortgage market.
Originally founded in 1988, IMLA has close working relationships with key stakeholders including the Association of Mortgage Intermediaries (AMI), UK Finance and the Financial Conduct Authority (FCA).