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Remortgage boom and likely rate rise mean there’s plenty of work to do – MCI

by: Phil Whitehouse, managing director of MCI Mortgage Club
  • 24/10/2017
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Remortgage boom and likely rate rise mean there’s plenty of work to do – MCI
This time of year is always a strange one. After the summer lull comes the back to school ethos of September when everyone is more motivated and raring to go.

However, with the nights drawing in and the silly season just around the corner there is also the danger that we start slowing down. Once October hits it’s easy to start winding down towards the end of the year.

This is always a bad idea as there is still plenty that can be achieved in the last three months of the year. This year in particular brokers would be foolish to start slowing down just yet.

Why? Because remortgage business, already the most buoyant area of the industry, is set to grow further in Q4.

 

Rate rise trigger

Mark Carney has given his clearest indication yet that interest rates will rise soon. The Bank of England governor has stated interest rates will rise in the “relative near term” as rising inflation puts pressure on the Monetary Policy Committee to take action.

Most commentators expect to see the first rise in November. That means those borrowers who have been enjoying their lender’s low SVRs will now be looking to remortgage onto a good deal before rates start to creep up.

Latest figures from Connells Survey & Valuation show just how strong the market is already, revealing a record number of remortgage valuations were carried out in August, at 37% of the market, the highest proportion in over 10 years.

This is the perfect time to open your client book and revisit those borrowers who are coming to the end of their mortgage term or are already on an SVR. In doing so you can make sure you end 2017 on a high.

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