Martin Reynolds: How to harness a yoyoing remortgage market
Lately it seems one month shows a rise in remortgage volumes followed by a decline the next. Martin Reynolds, chief executive of Simply Biz Mortgages, looks for ways brokers can play their advantage.
Firstly, it would be interesting to know which part of the remortgage market is working. I see two distinct segments in the remortgage market. There are those who are coming to the end of their current product, predominantly fixed rates, looking for a new rate, whether that is a remortgage or product transfer. Then there are those that are currently on either a lender’s Standard Variable Rate (SVR) or ‘revert to’ rate. Those coming to the end of a product deal are probably the reason for the peaks and troughs reported, as it depends upon the level of cessations that month.