House Prices
numbers reveal a regional picture
Month in month out the story stays the same with London outperforming the regions. LSL and Acadametrics drill down into the stats
by Mark Graves, Pink sales director and managing director of Linear Financial Solutions
Fortunately, after a difficult month in April due to the bank holidays, May bounced back to become a normal month. With interest rates still on hold, and house purchase transactions remaining low, lenders are working hard to come up with ideas to encourage people to remortgage. While it is still challenging for advisers to place remortgage business while interest rates remain flat, lenders have got money to lend at the moment and so are coming up with some very competitive remortgage rates.
Some other positive news for advisers is that Woolwich estimates that there are more than 800,000 borrowers in the country who are coming to the end of 5-year fixed rate mortgages and will therefore be looking around to see if they should move to a different rate. This presents a great opportunity for advisers to get back in touch with their clients, as the current rates available in the market are almost definitely more
50 mortgage introducer JULY 2011
competitive rates than the 5-year fixes the borrower will be coming off. It will also provide the ideal opportunity to review what else has happened in the client’s life and see if their financial needs have changed. More positive news is that administration and service within the lenders has become a real focal point over the last couple of months and features highly in lender meetings - improvement in service and turnaround times have been noticeable as a result. In addition a number of lenders are
starting to offer a lot more educational support for advisers, with regards to the supporting information to gather from clients when they are filling out mortgage applications; there appears to be a real effort on the part of the lenders to get it right the first-time around so that brokers don’t have to go back to their clients for additional information. Working together in such a way has to be the way forward in warding off fraudulent applications. Only by working together can we eradicate this serious threat to our industry.
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