Mortgage customers’ biggest fear is general economic uncertainty ahead of any specific impact on mortgage rates and applications.
One in seven mortgage and remortgage customers wants to rush their mortgage through ahead of the European Union Referendum on 23 June.
Research from the Nottingham Building Society claims first-time buyers are the most concerned about closing deals ahead of the EU Referendum with around three quarters of those trying to hurry through applications buying their first house.
However just one in five of mortgage brokers said clients are asking about the possible impact of the referendum on their application and 80% of brokers say the referendum is having no impact on their business.
Mortgage customers’ biggest fear is general economic uncertainty ahead of any specific impact on mortgage rates and applications.
Analysts are split on the potential impact on the housing and mortgage of the referendum with City economists forecasting a potential rate cut if the UK votes Leave while Council of Mortgage Lenders data shows gross March lending was at its highest since 2007 at £25.7bn, mainly driven by the rush to beat new buy-to-let lending stamp duty rules.
Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services (part of The Nottingham), said: “The referendum debate has dominated the headlines since the date was announced at the end of February and is certain to continue doing so until the votes are counted.
“There have been all kinds of forecasts and predictions about what might or might not happen depending on the result and it is clearly having an impact on the mortgage market with people hurrying to complete applications.
“No matter how you intend to vote it makes sense to search the whole market when sourcing a mortgage deal and there will be options for borrowers no matter whether the UK decides to remain or leave on 23 June.”
