Intermediaries report that remortgaging business is good

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Intermediaries report that remortgaging business is good

A new survey from the Intermediary Mortgage Lender's Association (IMLA) has found that remortgaging is a particularly strong area of the market at the moment, with 48 per cent of all mortgages processed by its members coming into this category.

That is a significant increase from the time of the last survey and the majority of intermediaries expect a two per cent increase in the number of remortgages they deal with in the next two months,

Home-mover and first-time buyer mortgage business was found to have fallen, while demand for buy-to-let mortgages has remained steady.

Peter Williams, IMLA's executive director, stated: "With home-buying activity currently depressed and many fixed rate and discounted deals up for renewal, there has been an increase in remortgaging business.

However, he warned: "In some cases, however, borrowers will struggle to remortgage and may end up paying significantly more."

The IMLA reported earlier this month that although intermediaries and lenders believe the economy will slow, most are not predicting a full-blown recession.
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