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TODAY'S OTHER NEWS

Brexit fears drive mortgage enquiry surge

The forthcoming Brexit referendum is fuelling a surge in mortgage enquiries from worried buyers and owners.

They fear mortgage costs will increase if the UK does vote to leave the EU, according to the mortgage division of IFAs deVere Group.

Mike Coady, managing director of deVere Mortgages, said: “Since the campaigning really got underway in a big way two weeks ago, we have noticed a significant increase in the number of people enquiring about mortgage applications.

“There has been a 30% week-on-week jump in the number of enquiries.”

Coady pinned this uptick on warnings by the "In" campaign that mortgages could become more expensive if Britain quits the EU.

He said:  “If the UK votes to leave the EU, Britain’s very large trade deficit may cause a run on sterling and, as such, require the Bank of England to introduce higher interest rates to stem it. 

“Mortgages will become more expensive as lending rates rise.”

Coady said the possibility of Brexit fallout is encouraging many to act.

“People are rushing to apply for and lock-in a mortgage now as a precaution in case interest rates go up and mortgages become more costly. 

“I believe we can expect this surge in mortgage enquiries to intensify as we approach the vote.”

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