Launched in mid-January, the offer will now be withdrawn at close of business on Thursday 14 April. Notification is being sent to intermediaries to ensure that they submit remortgage applications by this time in order to qualify for the offer.
Under its terms, self-certified borrowers remortgaging to UCB Home Loans benefit from a free property valuation and UCB Home Loans also waives the £75 reservation fee, which means customers can make a minimum saving in fees of £305.
“Remortgages accounted for 55% of our new lending in February and are running at a similar level this month, compared with 22% at the same time last year,” said UCB Home Loans managing director, Charles Reed. “Overall, since launching the remortgage package in January our self-cert remortgage business has increased by 48%.”
The promotion was launched at a time when remortgages are running at historically high levels. There is a pool of over 1 million borrowers who are due to come off mortgage deals in 2005 and 2006 and a large proportion of these will be looking to remortgage in order to obtain a better deal.
“The market of self-employed people, contract workers, small business owners and those with more than one stream of income now stands at just over 10 million people,” said Charles Reed. “This forms the core of the self-cert sector of the market in which UCB Home Loans specialises and we are expecting continued demand for remortgages from this sector over the next couple of years.”
