11 Dec

Rise in remortgage applications

Rise in remortgage applications

There has been an increase in successful remortgage applications in the third quarter of the year.

Figures from the latest quarterly report from the Intermediary Mortgage Lenders Association (IMLA), show the number of remortgage applications that are successful has increased to 80 per cent from 77 per cent in the previous quarter.

There has also been an increase in the number of remortgage enquiries being receive, with a rise of 26 per cent over the past three months.

"Conditions in the mortgage market were particularly good for remortgagors in the third quarter with noticeable increases in the number of applications resulting in offers and subsequent completions," said Peter Williams, IMLA executive director.

He added: "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, given that they are priced against swap rates, but the sustained 0.25 per cent base rate means they are also unlikely to rise which should encourage further remortgage activity."

He added there was a fall in activity in the run-up to the Brexit vote, but the increase suggests many borrowers still have faith in the market.ADNFCR-1222-ID-801829615-ADNFCR

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