Over the last year and a half, several initiatives have been introduced to keep the property market moving. From the stamp duty land tax holiday to the return of high loan-to-value mortgages, the market has been busy.
However, these efforts to incentivise buyers have caused an imbalance between supply and demand. This is predicted to remain until the end of the year, with property prices on the rise in response. While this means buyers and sellers have slowed the pace, remortgage transactions are growing in popularity.
Why are clients choosing to remortgage?
In the midst of the pandemic, many home-movers were motivated by the potential of making lifestyle changes. But with the shortage in property supply now a reality, many homeowners are pursuing alternative ideas.
According to new research, the right remortgage deal can save the average homeowner almost £300 a month. This could be invaluable to your clients that are considering all their options.
The savings afforded from remortgaging to a better rate can be used on home improvements, to achieve similar lifestyle changes that moving properties can produce.
A remortgage can be completed, fast!
In August, the conveyancing firms on The Moving Hub’s panel were able to complete remortgage transactions in just 14 working days. As the process is considerably faster than other conveyancing matters, remortgages can provide quick solutions for your clients.
Ensuring they shop around and do not only consider a transfer with their existing lender, can be exceptionally beneficial. Better terms of the loan can also be achieved as well as financial improvements.
The key to ensuring a quick completion:
Preparing your clients for their remortgage can make all the difference. Ensuring your conveyancing referral partner has the necessary tools in place is also essential.
Choose a partner that utilises technology to drive transactions forward and achieve faster completions. Make sure the conveyancing network maintains close communication with the firms on their panel.
This will be a great help to your clients that are looking for updates on their cases. If the conveyancers themselves are busy, a network that has its own customer support team can also provide reassurance and guidance for your clients.
