The great Winston Churchill once said: “The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty.”
For most people, operating within the mortgage market in recent years, it has not always been easy to have a glass half-full attitude with opportunities dramatically reduced and uncertainty filling the air.
Inevitably, this led to the unfortunate and well-documented demise of many intermediary firms and it is no coincidence that those firms that have evolved and grasped any available opportunity have survived.
The remortgage market was often the bread and butter of many firms’ offerings and this is an area which suffered as much as any other during in the downturn. But that is not to say that opportunities have not existed, especially over the past 12 to 18 months.
Since the launch of our Great Escape remortgage proposition, we have managed to help over 40,000 customers escape from their lenders SVR rates and it is estimated that the average customer will save £1,300 over the next two years by switching to Barclays. And in recent months we have seen this appetite grow substantially.
Improvements in market conditions and the Government’s Funding for Lending scheme have boosted competition and the fixed-rate war has certainly worked to further stimulate the remortgage market.
The recent announcement from Santander on the hiking of its SVR has also presented proactive brokers with a golden opportunity to revisit existing client bases and offer them a range of options genuinely attractive enough to get them off the SVR fence.
So when looking at the current remortgage market, there is room for some optimism and I urge brokers everywhere to seize each and every remortgage opportunities as the level of difficulty in maximising them has just been substantially lowered.