HLP and MSN see lending growth leap in Q1
14 May 2019
Analysis of activity by members of HL Partnership(HLP) and Mortgage Support Network(MSN) in the first quarter of 2019, saw a 19.7% uplift in mortgage lending when compared to the equivalent period last year. These results come on the back of a 21.9% increase to almost £6bn for the two Networks in 2018.
There was a 4% increase in purchase lending, whist remortgage activity was up by 9%. Leading the way in terms of actual lending was product transfer business which increased by 35% on Q1 2018, and now represents one in five cases completed this year. Buy to Let (BTL) purchase activity is still growing, contradicting market commentators who suggest landlords have moved away from growing their portfolios. New BTL lending is up by 6%, whilst the remortgage market for landlords is up by 19%.
Commenting on the statistics, Shaun Almond, Managing Director of HLP, said, “These numbers reflect the hard work being done by our members to meet their customers’ borrowing objectives in what is currently an uncertain market place. As a network, we are always looking for ways to support brokers and by constantly developing our technology platform, we ensure we stay in touch with customers in a market moving ever closer towards a digital revolution.
Shaun continued, “This strong set of numbers demonstrates that our members have the tools in place to grow their businesses by staying in touch with customers. By having the right choice of lenders, they can meet most borrower needs, whether their customer is a homeowner, landlord or those looking to release equity from their property in later life.”
Activity suggests completions in the first quarter will be in the region of £1.7bn and, based on prevailing market conditions, HLP and MSN are on target to deliver over £7bn in 2019.
