Remortgage instructions back at pre-COVID levels
Remortgage instructions were up by 7.2% between the third and fourth weeks of May representing the highest activity since before the lockdown, according to the LMS remortgage tracker.
Completions fell slightly between the third and fourth weeks of May, in line with normal monthly trends. Completion volumes for the 15 working days of May so far are 18% higher than April, and 21% higher than March.
Total pipeline volumes are currently on track to be 16.3% lower than May 2019.
Nick Chadbourne, CEO of LMS, said: “It’s promising to see that the instructions spike in the third week of May continued into the fourth week, as the housing market builds momentum.
“A wider range of available products and loosening restrictions are giving borrowers more freedom to choose the right option for their individual circumstances.
“Together with a consistent volume of completions and falling cancellations, we’re seeing a slightly better picture of the future pipeline than last week, and hope to see this continue as confidence, demand and choice keep coming back to the market.
“Borrowers are likely to be looking for a speedy remortgage, and Fee Assisted Remortgaging (FAR) offers the best option to secure efficiently a good deal in good time.
“It’s also the most secure, especially at a time when fraud risks across the whole economy are higher than normal.
“Managing increasing demand while retaining high standards of service will mean cross-industry collaboration is as important as ever, and we’re committed to leading these efforts as a firm.”