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8 out of 10 Remortgage applications lead to an offer

Monday, January 30, 2017 8:58:00 AM
80% of remortgage applications resulted in an offer in the third quarter of 2016, up from 77% in the previous three months, according to the Intermediary Mortgage Lenders Association.

83% of those remortgages offered were converted into completed deals. As a result, 67% of all remortgage applications completed – the highest percentage seen in any quarter this year.

Executive director of the IMLA, Peter Williams said: “The low interest rates available to borrowers almost certainly contributed to this increase, with borrowers able to switch on to very attractive deals.

“Rates are unlikely to fall much further, but the sustained 0.25% Base Rate means they are also unlikely to rise – which should encourage further remortgage activity.”

Buy-to-let mortgage applications had a 55% completion rate, while 52% of all specialist mortgage enquiries ended up completed, according to the research.

Williams added: “2016 has been a tumultuous year for the market, with the changes to Stamp Duty and the Brexit vote both affecting activity. However, the market has proved itself much more robust than many predicted it would be, and the industry is in a good place to continue this momentum into 2017.”

This is great news for property owners looking for better mortgage deals, or who are looking to release equity in the property.

If you are looking to remortgage your property, then please talk to us here at The Mortgage Brain in Gloucester, we look forward to hearing from you.

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