Looking for a house? The rate of mortgage approvals secured by brokers is now close to 90pc

 
Helen Cahill
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First-time buyers have been taking advantage of the low interest rate enivronment (Source: Getty)

Brokers achieved an approval rate for mortgages close to 90 per cent in the second quarter of this year.

Research by the Intermediary Mortgage Lenders Association (IMLA), which represents mortgage lenders who lend via mortgage brokers, found nearly nine out of 10 (88 per cent) of mortgage applications made through this channel were successful in the second quarter of this year, up by 13 percentage points on the same period last year.

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Gross mortgage lending for the quarter reached £60.3bn, and 96 per cent of the brokers surveyed said they felt confident about the future of the mortgage market.

First-time buyers continued to take advantage of low interest rates. Mortgage applications from this group of buyers reached 88 per cent in the second quarter, a rise of 17 percentage points as compared to the same three months in 2016.

The proportion of mortgage offers that lead to the completion of a property purchase also climbed, up from 75 per cent to 81 per cent year-on-year.

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Peter Williams, executive director of IMLA, said: "While the second quarter of 2017 was dominated by political speculation and campaigning, any resulting uncertainty was not enough to send the mortgage market and the determination of aspiring homeowners off their course.

"The percentage of successful applications continued to grow across the board, a testament to the ability of the intermediaries to match consumers with suitable products in what is an increasingly complex marketplace."

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