Three quarters of first-time buyers applying for mortgages via intermediaries were able to complete their purchases in the fourth quarter of 2017.
Figures from the Intermediary Mortgage Lenders Association (Imla), showed 74 per cent of mortgages applied for by first-time buyers through intermediaries were completed, up from 53 per cent a year earlier.
The quarterly Imla report examines consumers’ success rate in securing a mortgage via the intermediary channel, by tracking their progress from initial expression of interest through to completion.
Across 2017 as a whole, 87 per cent of first-time buyer applications resulted in an offer.#
Overall 71 per cent of first-time buyer applicants achieved their aim of securing a mortgage in 2017, compared with just half in 2016.
Kate Davies, executive director of Imla, said: "The mortgage market has proved itself to be resilient over the last year and intermediaries have continued to play a vital role in joining the dots between lender supply and consumer demand.
"In particular, first-time buyers have benefited from widely available and competitively priced deals, even before the extra confidence boost of the stamp duty exemption announced in the Autumn Budget.
"At the same time, we need to be mindful that, as the latest English Housing Survey shows, more first-time buyers are opting for loans of 30 years or more. This represents a shift in the dynamics of owning a home compared with previous generations."
Imla stated mortgage intermediaries were confident about the performance of the mortgage market in 2018.
Overall, 95 per cent in the fourth quarter of 2017 were confident about the outlook for the mortgage industry (unchanged year-on-year) while 56 per cent were very confident about the outlook for the intermediary sector in particular – up from 52 per cent a year earlier.
In terms of their own business' activity, nearly two thirds were very confident about the outlook in the fourth quarter of 2017, up from 61 per cent at the end of 2016.
Louisa Sedgwick, director of sales for mortgages at Vida Homeloans, said: "It is encouraging to see these latest figures showing a burgeoning first-time buyer market.
“However, there are still a number of obstacles to overcome to ensure this underserved customer segment have access to mortgage products flexible enough to meet their requirements.
"Therefore, it is vital for lenders to continue to innovate and adapt criteria to meet the changing needs of first-time buyers, enabling more borrowers to get on the property ladder."
