The number of mortgage applications processed by individual brokers has fallen following a record peak at the end of last year.
In the first three months of 2022, the average number of mortgages placed per year by intermediaries fell from a peak of 103 at the end of last year to 97.
While the average has slipped, trade body Intermediary Mortgage Association said this week (May 11) it was only a “slight” difference, and that 97 still matches the average recorded in Q3 2021 which was, at the time, another record figure.
“Evidence from Q1 suggests that, despite a slight drop, advisers are maintaining their momentum,” said IMA’s executive director, Kate Davies.
“With inflation expected to reach 8 per cent by the beginning of summer and possibly even higher later in the year, and with interest rates raised to their highest in 13 years, demand in the mortgage market should match the rates of 2021 as borrowers aim to secure new fixed-rate deals.
“Throughout 2022, as volatile macro-economic trends impact personal finances, advisers will continue their work and play a crucial role in helping borrowers to find an appropriate, affordable and sensible deal.”
In recent months, brokers have bemoaned many lenders’ tendency to pull a mortgage rate or product with just a few hours’ notice - or no notice at all - placing an extra layer of stress on the cases they are processing.
Earlier this week (May 10), Nationwide informed brokers at around 3pm it would be increasing selected fixed rates by 0.30 per cent, and increasing its tracker rates by 0.25 per cent, by midnight, giving advisers just half an afternoon to contact clients.
Many brokers are, as a result, finding that submitting cases as late as 11pm on behalf of their clients is becoming the new norm.