Intermediaries kept busy by remortgagers

| May 28, 2008 | 0 Comments
Intermediaries kept busy by remortgagers

The Intermediary Mortgage Lenders’ Association (IMLA) has reported a further rise in remortgaging, which made up 49% of all home loan business for its members during the first three months of 2008.

The figure stood at 48% during the previous quarter and the IMLA is predicting strong growth in remortgage cases in the coming months.

The association, which represents professional financial intermediaries, suggests that the growth in remortgaging is counterpart to the decline in new home loans, which according to the British Bankers’ Association, fell to the second lowest level on record last month.

IMLA members also reported that home mover mortgage business has contracted from 23% to 20% over the past two months.

However, first-time buyer loans increased slightly during the period, from 10% to 11% of brokers’ business.

The intermediaries surveyed are expecting both figures to decline in the months ahead, by 3% for first-time buyers and 2% for home movers.

Meanwhile, buy-to-let business has remained steady since the turn of the year, and represented 18% of business in April.

Tags: home loan, Intermediary Mortgage Lenders Association,

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