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Analysis: Is remortgaging finally on the up?

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Like many others, we have been urging advisers to seek out existing and new clients who would benefit from a product switch. It appears the message is getting through.

January figures from the CML showed remortgage advances up to 25,600 from 22,300 in December. Given the competition in the market and downward pressure on rates, we hope this trend will continue throughout the year.

So it was interesting to hear that average two-year fixes have fallen below 3 per cent for the first time. Moneyfacts also noted that the differential between these average rates and SVRs is likely to increase if rates keep dropping.

So the potential savings for remortgage clients by moving off their SVR are high. If advisers can develop this rationale with credit-worthy borrowers, there should be a strong inclination to remortgage.

A major issue has been the MMR and the accessibility of finance. But lenders that may have been too stringent last year seem to have eased off and those wishing to remortgage who pass the checks should be in a strong position.

So a sustained resurgence in remortgaging could finally be on the cards.



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