March 2011 saw positive remortgaging figures announced. However the overall results for the first quarter showed that these were down almost 30% on last year. The CML expects that this outlook is unlikely to change.
Research by Personal Touch has shown that uncertainty concerning the economy and personal finances has made people confused when it comes to their mortgages. As a result, many are reaching the end of a fixed or discounted deal, not knowing how to take the next step, resulting in many mortgage-holders sitting on a standard variable rate.
Despite the current economic climate, there has actually been an increase in competition for business, leading to improved mortgage deals and a broadening of some of the criteria that has previously restricted clients from remortgaging.
The research also highlighted that people are looking for someone to give them confidence about their choices. For this reason, Personal Touch has been working with mortgage lenders to open up access for their advisers to the best remortgaging deals, to help their clients secure the right mortgage and clear the fog of uncertainty.
Personal Touch will provide its advisers with direct access to lenders, products and support, enabling them to secure the best deals in the intermediary market for their customers. There will be a special focus on remortgaging from lenders throughout the duration of the campaign, and Personal Touch will also support advisors with contacting and encouraging their clients to review their current mortgage option.
Dev Malle, sales and marketing director at Personal Touch, said: “The economy continues to put pressure on household finance, so it’s important that advisers can help their clients to access the right deal.
“Through the ‘confident to remortgage’ campaign, Personal Touch has provided its advisors with access to the best lenders and deals around. This is backed up by support to make sure advisers can give their clients the best mortgage for them. These deals won’t be around forever, so it’s time to give clients some mortgage confidence.”
