Brokers report swell of remortgage business after Brexit
Remortgage business has increased since the Brexit vote according to two thirds (65%) of mortgage brokers.
However only 29% saw an increase in new written business since the vote.
Three quarters (73%) of brokers expect gross mortgage lending to expend beyond £225bn in 2017 and a quarter (24%) reckon it will surpass £235bn.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Even though there has been a lot of discussion around the implications of the Brexit vote, the overall message from the mortgage market isn’t one of panic.
“Remortgaging is clearly on the rise and it is important that brokers are in contact with their clients to find out if this may be a suitable and beneficial option for them.
“It is understandable that some consumers may be wary of switching their deals, especially at what may seem like an uncertain time.
“It is therefore vital that brokers are able to educate their clients and explain why this is the perfect time to act. Consumers often don’t realise how much they could save by remortgaging; in some cases, it could actually be the equivalent of a monthly pay rise.
“We think this is an opportunity that advisers should grab with both hands, not only to bring their clients up to speed on the latest deals, but also to help create long-lasting relationships based on trust.
“For this reason, we have created a suite of marketing material to support brokers, an example of which can be found on our website here.”