As today’s UK Finance Household Finance Review statistics show mortgage activity being propped up by remortgaging, Vikki Jefferies, Proposition Director at PRIMIS Mortgage Network has commented.
She said: “After a turbulent Q4 2022, today’s figures show sustained activity in the mortgage market through Q1 2023, despite a tough macro-economic situation. In particular, lending activity has been supported by re-mortgaging. With 1.4 million fixed rate mortgages set to expire in 2023, this is likely to continue to be a driver of activity throughout the remainder of the year.
“Expectations that interest rates will continue to rise over the summer has recently caused lenders to withdraw a number of products from the market and increase rates on their products. Given the financial pressures felt by many consumers as a result of the cost-of-living crisis, it is essential that brokers take the time to fully understand their customers individual situation when finding a suitable product for them.
“Brokers should support not only with mortgaging and refinancing, but also with protection. It is a broker’s responsibility to ensure their clients’ finances are protected against possible hardship, so putting adequate cover in place for clients should always be front of mind – especially in the current climate.”
