One of the most common questions we hear from brokers is: 'What conversion rate should I expect from bought leads?' It's a reasonable question, but the answer depends on so many variables that a single number would be misleading. Instead, this article provides realistic benchmarks across the full conversion funnel, broken down by lead type and source, based on aggregated data from our UK broker partners in 2025-2026.
These are not aspirational targets. They're real numbers from real practices. Use them to benchmark your own performance and identify where your conversion funnel might have a gap.
Understanding the Conversion Funnel
Before looking at specific numbers, it's important to understand the stages a mortgage lead passes through. Each stage has its own conversion rate, and problems at one stage compound through every subsequent stage.
- Lead received: A new lead arrives in your inbox or CRM.
- Contact made: You successfully reach the consumer by phone, email, or text and have a meaningful interaction.
- Appointment booked: The consumer agrees to a formal consultation or fact-finding call.
- Decision in principle (DIP): You've gathered enough information to run a DIP or provide a recommendation.
- Application submitted: A full mortgage application has been submitted to a lender.
- Completion: The case completes and you receive your proc fee.
Your overall conversion rate is the product of all these individual stage conversions. A small improvement at any stage has a multiplicative effect on the end result.
Contact Rate Benchmarks
The contact rate measures what percentage of received leads you successfully reach for a meaningful conversation.
Exclusive leads (Meta/Google sourced):
- Top performers (under 5 min response): 70-85%
- Average performers (15-60 min response): 45-60%
- Below average (over 1 hour response): 25-40%
Shared leads:
- Top performers (first to call): 40-55%
- Average performers: 25-35%
- Below average: 15-25%
The difference between exclusive and shared leads is stark at the contact stage. With exclusive leads, you're the only broker calling, so the consumer isn't overwhelmed with calls and is more likely to engage. With shared leads, multiple brokers call simultaneously, leading to consumer fatigue and call screening.
Response time is overwhelmingly the biggest factor in contact rate. Brokers who respond within five minutes consistently achieve contact rates 25-30 percentage points higher than those who respond after an hour.
Appointment Rate Benchmarks
The appointment rate measures what percentage of contacted leads agree to a formal consultation. This reflects the quality of your initial phone conversation and your ability to build rapport quickly.
Mortgage purchase leads:
- Top performers: 35-50%
- Average: 25-35%
- Below average: 15-25%
Remortgage leads:
- Top performers: 40-55%
- Average: 30-40%
- Below average: 20-30%
Buy-to-let leads:
- Top performers: 30-45%
- Average: 20-30%
- Below average: 10-20%
Remortgage leads typically have the highest appointment rates because these consumers often have an immediate trigger, such as a fixed rate ending, that creates urgency. Purchase leads are slightly lower because timelines are longer and more uncertain. Buy-to-let leads are the most variable because investors tend to be more analytical and shop around more extensively.
DIP and Application Benchmarks
These stages measure how effectively you move from consultation to action.
Appointment to DIP/recommendation:
- Top performers: 60-75%
- Average: 45-60%
- Below average: 30-45%
DIP to full application:
- Top performers: 70-85%
- Average: 55-70%
- Below average: 40-55%
Drop-off between appointment and DIP usually indicates a qualification issue during the initial call. If you're booking appointments with consumers who turn out to be unqualified or not ready, your initial conversation needs more qualifying questions.
Drop-off between DIP and application typically points to process issues: slow follow-up after the consultation, difficulty gathering documents, or the consumer finding a better deal elsewhere during a lengthy process.
Overall Lead-to-Completion Benchmarks
This is the number most brokers want: what percentage of leads you initially receive will ultimately result in a completed case and a proc fee?
Exclusive mortgage leads (well-managed):
- Top performers: 12-18%
- Average: 8-12%
- Below average: 3-7%
Shared mortgage leads (well-managed):
- Top performers: 6-10%
- Average: 3-6%
- Below average: 1-3%
These ranges are wide because performance depends on multiple factors: response time, follow-up persistence, consultation quality, product knowledge, lender panel breadth, and process efficiency. The same lead can produce vastly different outcomes depending on how it's handled.
Cost Per Acquisition Benchmarks
Ultimately, the metric that matters most is how much it costs you to acquire a completed client from bought leads. Here's what we see across our partner base:
Exclusive mortgage leads:
- Lead cost: 25-40 per lead
- Top performers CPA: 150-250 per client
- Average CPA: 250-450 per client
- Below average CPA: 500-900+ per client
Protection and insurance leads:
- Lead cost: 15-30 per lead
- Top performers CPA: 100-180 per client
- Average CPA: 180-350 per client
- Below average CPA: 400-700+ per client
For most mortgage brokers, a CPA of 200-350 represents a solid return when average proc fees are 800-1,500 per case. That's a 3-5x return on lead investment, which is competitive with or better than most other marketing channels.
Benchmarks by Lead Source
Different advertising platforms produce leads with different characteristics, which affects conversion rates.
Meta (Facebook/Instagram) leads: Higher volume, slightly lower initial intent. Contact rates are typically 55-70% for exclusive leads. These consumers were browsing social media and responded to an ad, so they need slightly more nurturing than search leads. Conversion rates: 8-14% for top performers.
Google Search leads: Lower volume, higher intent. These consumers actively searched for mortgage advice, making them further along in the decision process. Contact rates: 60-80%. Conversion rates: 12-20% for top performers. However, cost per lead is typically 40-80 per lead, which partially offsets the higher conversion rate.
Comparison site leads: Variable quality. These consumers are price-shopping, which means they're often speaking to multiple providers. Contact rates: 40-60%. Conversion rates: 5-10%. These leads are usually cheaper per unit but the lower conversion rate means the CPA can be similar to or higher than exclusive leads.
What Separates Top Performers
When we analyse the practices that consistently achieve top-tier conversion rates, several patterns emerge:
Speed: Without exception, top performers respond to leads within five minutes. This is the single most correlated factor with overall performance.
Persistence: Top performers make an average of six to eight contact attempts per lead over the first week. Average performers make two to three.
Systems: Top performers use a CRM, have a defined follow-up process, and track their metrics. They know their numbers and optimise based on data.
Phone technique: Top performers reference the specific details of the enquiry in their opening. They ask questions before pitching. They listen more than they talk during the initial call.
Long-term nurture: Top performers maintain contact with leads that aren't ready immediately. They have a monthly email or SMS sequence that keeps them front of mind. A significant percentage of their completions come from leads that were initially 'not ready' but converted three to six months later.
How to Use These Benchmarks
Start by calculating your own numbers for each funnel stage. Compare them to the benchmarks above. The stage where you diverge most from the top-performer range is your biggest opportunity for improvement.
If your contact rate is low, focus on response speed and follow-up persistence. If your appointment rate is low, work on your phone technique and initial conversation structure. If your appointment-to-completion rate is low, look at your consultation process, document gathering efficiency, and case management.
Don't try to fix everything at once. Pick the stage with the biggest gap and focus there first. Even a 5-10 percentage point improvement at one stage compounds through the rest of the funnel and materially impacts your bottom line.
For practical guidance on improving each stage, see our mortgage lead conversion guide and follow-up scripts resource.