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Borrowers snap up competitive mortgage deals
The figures from Accord Mortgages have revealed a spike in the number of remortgage applications over the summer.
Data provided by CACI showed that more than £35bn worth of mortgages are due to mature in September and October – 70% of which came from intermediary business – prompting clients to look for new deals.
The figures from the Yorkshire Building Society Group – which includes the intermediary-only lender Accord – revealed a significant increase in remortgage applications during June, July and August, with a 60% increase in the amount of applications compared with the same three-month period last year.
The biggest increase appeared in August with a 69% increase in applications compared with August 2016.
“It’s positive that borrowers are taking action before their deal comes to an end,” said David Robinson, national intermediary sales manager at Accord (pictured above).
“Many could see a significant reduction in their monthly repayments thanks to a favourable shift in house prices and interest rates.
“The surge is also great news for intermediaries who have an important role to play advising their clients on the best remortgage deal for them.”
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