Intermediary confidence dipped slightly in Q3 of 2025, although completions and conversion rates remained broadly stable, according to the latest Mortgage Market Tracker from the Intermediary Mortgage Lenders Association (IMLA).
The average intermediary placed 92 cases in the 12 months to September, down marginally from 94 in Q2.
Bank of England figures revealed that total secured lending rebounded to £79bn in Q3, following a subdued Q2 influenced by borrowers rushing to complete before the end of the Stamp Duty holiday in April.
Lending activity is now closer to underlying levels seen earlier in the year, when £76bn was recorded in Q1.
Confidence among brokers in the wider mortgage market softened over the quarter, with the sharpest fall in September after the Chancellor postponed the Autumn Budget to late November.
Confidence in the intermediary sector also eased, though advisers remain relatively positive about the prospects for their own firms.
Operational performance remained consistent. The proportion of Decisions in Principle (DIPs) converting to completions held at 36%, unchanged from Q2, while applications-to-completion also remained steady at 62%.
On average, intermediaries secured roughly 10 completions for every 17 applications.
Regional performance varied, with brokers in the Midlands reporting an 11-percentage-point rise in offer-to-completion rates, while conversion in the South slipped slightly quarter-on-quarter.
Business mix held firm. Residential mortgages accounted for around two-thirds of intermediary activity, buy-to-let just under a fifth and specialist lending roughly one in 10 cases.
First-time buyers remained the biggest client group.
Kate Davies (pictured), executive director of IMLA, said: “The dip in confidence recorded in September coincided with the Chancellor’s decision to delay the Autumn Budget until 26 November, extending a period of uncertainty that has weighed on sentiment across the economy – housing included.
“Yet the intermediary market continues to perform strongly, with steady activity and sustained customer demand despite widespread caution. It’s particularly positive that the buy-to-let sector has remained resilient, despite concerns around the Renters’ Rights Bill (now the Renter’s Rights Act, having gained Royal Assent on 28 October).
“Looking ahead, there is understandable anxiety about what the forthcoming Budget might bring. Further property-related taxation or fiscal tightening could affect confidence in Q4.
“However, by the end of November we should at least have greater clarity, even if the news is challenging, and intermediaries will, as ever, be central to helping borrowers and landlords navigate whatever changes come next.”
