Nearly nine out of mortgage applications made via intermediaries resulted in offers during the second quarter of this year.
According to the Intermediary Mortgage Lenders Association, the figure of 88% was 13% up on the same period last year, when 75% of mortgage applications were successful.
The quarterly report follows mortgage applicants from initial enquiry through to completion.
First-time buyers fared particularly well, with 88% of their mortgage applications being successful, up from 71% the year before.
Not all applications that resulted in an offer went on to complete, but 81% did – up from 75% last year.
Statistically, 71% of all mortgage applications successfully completed – a rise from 58% at the start of last year.
Comments (1)
Well done for reporting on research using the ‘majority’ statistic – i.e. 90% of something is successful, rather than 10% of something isn’t! I am really getting sick of the latter tactic – eg. it was reported this week than 10% of tenants have to have help from the Bank of Mum and Dad – not that 90% don’t! And Shelter will say ‘a fifth of tenants’ aren’t satisfied with their rental accommodation – it would be big news though if ‘4 out of 5’ weren’t…