Remortgaging Numbers Rise
Published / Last Updated on 09/07/2008
Remortgaging Numbers Rise
According to the latest survey information obtained by Imla, the specialist trade body for lenders, the proportion of mortgage business represented by remortgaging continues to grow. The research revealed that almost half of all mortgage cases introduced during the first quarter of 2008 were remortgages and intermediaries claimed they expected this figure to rise by 2 per cent over the coming two months.
The study also found that home mover mortgage business was down from 23 per cent to 20 per cent and although first-time buyer loans increased slightly from 10 per cent to 11 per cent, brokers said they expected this figure to decline. The Imla survey showed that the buy-to-let market was holding fast – with intermediaries saying the sector had “held steady” since the previous survey.
Our view
It is no surprise that remortgages are on the rise given the numbers of people coming towards the end of their fixed rates and also the fact that many people are now staying put rather than putting their property on the market.
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