IMLA data identifies that brokers were able to translate over 89% of applications into offers, the highest percentage documented since 2016. Specialist mortgages improved with the increase in applications converting into an offer and those offers which led to completion were up at a three-year high. IMLA Mortgage Market Tracker reveals the number of accepted DIPs that go onto full mortgage application have surged the last year. Accepted DIPS increased from 76% to 84% between Q1 2018 and 2019.
Figure 1.0 Application to offer success rates for intermediary mortgage business
Source: IMLA Mortgage Market Tracker
FCA view the Mortgage Market functions competently, engagement is high, and consumers are obtaining mortgages that are suitable and affordable. FCA Mortgages Market Study states current commercial arrangements between companies, such as commission lenders pay to intermediaries or referral agreements between intermediaries does not show consumers paying significantly more for their mortgage.