MCI Club has reported a “significant drop” in mortgage completions, with only 22% of purchases completing in July, August, and September.

The mortgage club’s analysis showed this had fallen from the first quarter of the year when 60% of applied mortgages completed.

MCI suggested that remortgages, however, exhibited a stronger completion rate of 64% from July to September – although this was still 15% down on the figures from January to March.

MCI Club head, Melanie Spencer, commented: “It is disheartening that the rate of applications to completions has significantly dropped as, ultimately, there continues to be steady consumer demand across the board post-lockdown.

“I suspect that the realities of the lending market haven’t truly filtered into the purchase market, which has left mortgage brokers to manage expectations and seek out nimble alternatives. This simply demonstrates the advantage of the broker proposition and their ability to service clients’ circumstances, which may not have been as challenging in 2019.”

MCI also suggested the amount of its written business has risen consistently through to October and since coming out of the first lockdown in June, is now back to pre-lockdown levels.

The data, from MCI Club and the eKeeper CRM, also showed higher levels of broker and administrator activity over September and October – with 26% more diary appointments, 21% more case interactions, and a 45% uplift in users accessing various back-office systems.

“We know that brokers are working harder, and this is reflected in back and front-office activity for leads and fulfilment,” Spencer added.

“Certainly, the amount of effort going into every application is increasing and, through good processes, people and technology, many brokers are learning and being supported through their technology, to deliver great client outcomes in challenging times.”

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