Figures from Accord Show a remortgage rush ahead of biggest maturity period in five years
Figures from Accord Mortgages show that borrowers have been snapping up competitive mortgage deals ahead of the biggest maturity period in five years, with a spike in the number of remortgage applications over the summer.
According to data from CACI more than £35 billion 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, show a significant uplift in remortgage applications during June, July and August, with a 60% increase in the amount of applications from the same three-month period last year. The biggest spike appeared in August with a 68% rise in applications from August 2016.
David Robinson, National Intermediary Sales Manager at Accord, said: “It’s positive that borrowers are taking action before their deal comes to an end. 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.
“Our current mortgage range offers a choice of competitive remortgage options, which include both free legal assistance or up to £500 cashback features, tailored to meet a range of borrowing needs.”