Mortgage News
Remortgage activity jumps 10% in Q4
Remortgaging instructions were up 10% in the fourth quarter against the previous, ending months of static activity in the remortgaging market, reported Conveyancing Alliance.
The online conveyancing distributor also revealed its remortgaging activity leapt 48% in the third quarter.
The data reflects the Bank of England’s figures for November last year, which showed remortgages jumped from 29,000 in October to 36,300 in November.
Harpal Singh, managing director of Conveyancing Alliance, said economic forecasts of base rate increases this year have encouraged clients to look into remortgaging.
“We have seen a good take-up of the Rapid Remortgage product since its launch last year, and with the improvement we are seeing in the overall remortgage market, it makes sound business sense to continue offering this product to our adviser customers,” he added.
The firm’s purchase instruction figures for quarter four showed a 50% increase quarter-on-quarter with much of this improvement put down to increased business via estate agents. Purchase instructions from advisers remained stable.
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