Conversion is genuinely up — driven by higher-quality new DIPs, not legacy pipeline clearing.
The 7-day window controls for right-censoring — every DIP cohort has had at least 7 days. March is consistently at 25–28%, the strongest sustained run since Q4 2025.
Both purchase and remortgage conversion improved, but remortgage nearly doubled. Fewer remortgage DIPs are arriving — but those that do convert at extraordinary rates.
60% of March submissions are from March DIPs (avg 2.9 days to submit). This is NOT legacy pipeline clearing — it's fresh, fast-converting demand.
Processing times are falling. App-to-underwriting is down to 1.0 business day. App-to-offer is at 6.0 days (partially right-censored for March).
As competitors pull products and exit, the borrowers who DO arrive are more serious and committed. Remortgage borrowers who had rate switches lined up elsewhere now need alternatives urgently. They DIP, they convert, they submit — in 2.9 days on average.
Brokers are submitting faster across the board. The 7-day purchase conversion rate is at 22.8% (up from 17.8% in January). With swap rates volatile, there's an incentive to lock in before the next move.
Remortgage share of submissions is up to 15.7% (from 11.7%), and interest-only is declining (2.3% from 3.9%). The mix is getting slightly easier, but not enough to explain the conversion improvement alone.