Premier Mortgage Service ach-ieved over £780m more business applications in January than it expected, totalling just under £4bn for the month.
Managing director Joh Malone says PMS was pleasantly surprised by the figures but February’s figures are likely to be lower due to the withdrawal of products and the cost of borrowing.
He says: “The purchase market is not good. It is down by 30 per cent from last year. We have got some big, big months coming up in terms of key tranches of two and five-year fixed rates coming up for review. We just have not got the diversity of products in the marketplace to satisfy the level of demand.”
PMS is set to reveal Malone’s successor in the coming weeks, with Malone to become chairman of the firm.
Former Accord managing director Linda Will has been tipped as one of the contenders for the job.