The Times - Make sure you pass the remortgage test
Mortgage brokers have reported an increase in the number of remortgage inquiries as homebuyers rush to secure the best loan deals before they are withdrawn. Mark Carney announced last week that interest rates are set to rise, and brokers believe that there would have been even more applications if people were not apprehensive about seeking a loan.
Almost half of brokers report that, over the past few months, clients have been giving up during the process, deterred by the time-consuming checks required by recent legislation governing the granting of mortgages.
Aaron Strutt, of the broker Trinity Financial, told The Times: “Not all of the lenders make it complicated to switch to a better deal and they are actively pushing for existing customers to select another mortgage. Some of the lenders are also offering fast mortgage offers at the moment and we have secured some offers within a week.”
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