27 May

Intermediaries survey shows remortgaging is strong

Intermediaries survey shows remortgaging is strong

The latest Intermediary Mortgage Lender's Association (IMLA) survey of its members has found that almost half of all mortgages cases processed by them were remortgages, a significant increase from the time of the last survey.

In addition, the majority of intermediaries expect to do two per cent more remortgages in the next two months.

By contrast, home-mover and first-time buyer mortgage business has fallen, with further drops expected in the coming months.

Intermediaries say demand for buy-to-let products has remained steady, but predict a small decline of one per cent in the future.

Peter Williams, IMLA's executive director, stated: "With home-buying activity currently depressed and many fixed rate and discounted deals up for renewal, there has been an increase in remortgaging business. In some cases, however, borrowers will struggle to remortgage and may end up paying significantly more."

Earlier this month, the body reported that although intermediaries and lenders believe the economy will slow, most are not predicting a full-blown recession.

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