Remortgaging starts to rise
The firm has seen a significant increase in purchase instructions throughout the second half of 2009; however, it has now witnessed an upturn in remortgage activity. The number of remortgage instructions increased by 28% from October to November.
While Conveyancing Alliance expects December to be slightly down on November due to the Christmas and New Year breaks, its weekly run rate for the first two weeks is the same as it was for the corresponding weeks in November.
Purchase activity continues to dominate however with the conveyancing distributor showing a marked improvement with this type of instruction up 45% between October and November.
The firm believes the increase in remortgaging is a healthy sign for the overall mortgage marketplace, and suggests that the second half of 2010 will deliver a considerably healthier remortgage market.
To capitalise on both the purchase and remortgage business increase, and to also allow larger adviser firms more control over the conveyancing instructions of their sales force, Conveyancing Alliance is now actively creating bespoke white-label solutions for individual businesses.