The number of people completing remortgage payments has reached record levels, according to research recently released.
Before the financial crisis just over 80 per cent of all remortgages applied for were completed but a property services company is reporting a marked improvement in the conversion rate with some of its lenders completion rates as high as 92 per cent.
Andy Knee, managing director at LMS, one of the UK’s largest providers of remortgage conveyancing, explains: “In this current uncertain market, borrowers, especially those with Loan-to-Value mortgages of around 60 per cent, are looking to take advantage of current falling rates and secure the best possible deal in case they begin to rise again.
“This shows a marked difference to five years ago when the market was stronger, there was much greater choice and more people were applying to remortgage but then holding out for a more competitive product.”
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