Figures from Accord Mortgages show a jump in remortgage applications over the summer, with borrowers grabbing competitive mortgage deals ahead of the biggest maturity period in five years.
More than £35 billion worth of mortgages are due to develop over the next two months, according to data from CACI. Some 70% of them came from intermediary business, prompting clients to search for new deals.
“It’s positive that borrowers are taking action before their deal comes to an end,” said David Robinson, national intermediary sales manager at Accord. “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.”
The figures from the Yorkshire Building Society Group show a significant rise in remortgage applications during June, July and August, with a 60% increase in the number of applications from the same three-month period in 2016. A 68% rise in applications from August last year was also seen, one of the biggest spikes ever recorded by the lender.
Robinson added: “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.”