27
May
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.
