From the week commencing 6 April to the week commencing 13 April, the volume of remortgage instructions increased by 9%, following a dip after the initial lockdown announcement, according to weekly data released by Legal Marketing Services (LMS).
Completion patterns have closely followed the pattern seen in March 2020; as of 70% of the way through April, the current number of completions stood at 69% of the March total.
LMS reported that pipeline activity has remained steady throughout the COVID-19 crisis so far, with the volume of applications carried forward month-to-month remaining in line with last year’s figures.
Despite initial concerns in March, LMS found that remortgage cancellation levels have remained stable, standing at 26% below the April 2019 total, which is proportionate considering the month is not complete.
Nick Chadbourne, CEO of LMS, said: “Promising levels of activity continue in the remortgage sector, with borrowers opting to take out new deals and industry service levels remaining strong.
“All metrics are holding steady, and strong instruction figures give cause for some quiet optimism.
“The industry is showing its resilience during a testing time, and we hope to see this continue as the industry’s hard work pays off and delivers for borrowers.
“It has been promising to see the collaboration between all stakeholders within the mortgage process as we assist each other through the crisis.
“Support across the industry is key, as we’re doing for advisers on FAR enquiries and direct referrals, working to ensure we connect borrowers with the best lenders and lawyers available.
“It will be interesting to see how steps such as electronic signatures and remote valuations play a role in boosting transactions in the coming weeks.
“What’s certain, though, is that there’s never been a more important time to pay attention to security, both on the part of law firms and their customers – remaining vigilant against scammers is vital.
“The industry’s rapid uptake of sophisticated technology to ensure excellent standards of service are maintained has been great to see.”
