Poll
Successful remortgage applications surge
IMLA’s latest mortgage market tracker found that 80% of applications in Q3 2016 resulted in an offer, compared with 77% in Q2.
The tracker also found that the number of remortgage enquiries grew in Q3 with intermediaries receiving an average of 48, compared with 38 in Q2.
The figures show that the market remains in good health despite fears over the UK leaving the European Union.
“IMLA’s latest tracker shows that conditions in the mortgage market were particularly good for remortgagors in Q3, with noticeable increases in the number of applications resulting in offers and subsequent completions,” said Peter Williams, executive director of IMLA.
“The low interest rates available to borrowers almost certainly contributed to this increase, with borrowers able to switch on to very attractive deals.
“Rates are unlikely to fall much further, given that they are priced against swap rates, but the sustained 0.25% base rate means they are also unlikely to rise – which should encourage further remortgage activity.”
IMLA also found that intermediary outlook had increased by six percentage points with 45% saying they were very confident.
“After a dip in the run-up to the EU referendum in June, the number of overall enquiries increased in Q3, with would-be borrowers showing faith in the market,” Peter added.
“Despite macroeconomic uncertainty and short-term volatility, there was only a slight dip in the proportion of enquiries progressing to an AIP – demonstrating that borrowers were keen to push on with their intentions.
“The rate of applications resulting in offers was also unchanged – suggesting that lenders were willing to meet demand.”
Peter concluded by saying: “2016 has been a tumultuous year for the market, with the changes to stamp duty and the Brexit vote both affecting activity, and it is therefore unsurprising to see that intermediary confidence dipped slightly.
“However, the market has proved itself much more robust than many predicted it would be, and the industry is in a good place to continue this momentum into 2017.”
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