Data Reveals Homeowners Taking Advantage of Remortgage Opportunity

Data Reveals Homeowners Taking Advantage of Remortgage Opportunity

Homeowners have been taking advantage of the opportunities available to them through remortgaging. There are low interest rates to help property owners find savings and for some the savings could be substantial. A few minutes spent online could quickly reveal various remortgage offers available and what savings are available, which is why experts encourage all homeowners to review their current mortgage deal and discover what benefits could be had with a remortgage.

Recent data has revealed the expected outcome of homeowners responding to the attractive deals in remortgaging. According to LMS, the weekly average number of remortgage instructions for June is at the highest level for all of 2020. Instruction volume was 5% higher than in the final week of May and month on month comparisons also showed increases.

The LMS data is being reviewed as reaching levels that are like those before the Covid19 pandemic impacted the lending market.

Nick Chadbourne, the CEO of LMS, remarked, “It is promising to see that the remortgage market is starting to steady, shown by our data. At a time of significant economic upheaval, positive signals across all metrics will be a relief for many. Instruction volumes continue to be the highest-performing measure, as borrower appetite improves week by week and product choice increases. The easing of lockdown restrictions will hopefully continue to reduce consumer concerns around social interaction and support increased activity in the remortgage market and the economy as a whole.

“Completion activity is in line with seasonal expectations, with a foreseen fall in volumes in line with fewer ERCs. June is historically a quieter month for remortgages, in the current climate volumes have been further impacted and the data reflects this. There is reason for cautious optimism when looking at the coming months with a healthy pipeline and falling cancellation rate.

“Seasonal trends are likely to be impacted over the next few months and this summer will likely be different to any which we have seen in the last few years. Many people may choose to forego their annual summer holidays and divert funds to other areas, such as home improvements and savings, given the current climate and the increased financial pressure for lots of households. Lots of homeowners will be seeking cost-saving opportunities, and different individual circumstances could therefore impact decisions on remortgaging. The wider economy remains a threat to all parts of the remortgage chain, and this next period may continue to throw up unexpected developments and trends.”

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