5-year Remortgages increasing online

5-year Remortgages increasing online

Almost 28% of Remortgage clicks from Homeowners based in the UK are of the five-year fix variety, says Mortgage Advisor, Stephen Kerrigan.

This is the fastest growing interest in a product of this type in the time between October 2020 and January 2021, which has moved from 25.6% of all online clicks. However, during the same time, homeowners searching for two-year fixes fell from making up 48% of searches, a drop of 4.3%.

Stephen Kerrigan, Mortgage Advisor in Doncaster also mentioned that lenders are becoming more competitive in the 85% to 90% LTV Remortgage area of the market. Here the two firms have assigned a ‘competitive score’ to various lending categories. One is the lowest possible score, five the highest.

At the higher-LTV end of the aforementioned market, the trend from October 2020 to January has been given a score of 3.4, up from 2.5. However, the 9% LTV to 95% category garnered a score of 1.2, the lowest given by some distance.

It’s their intention that lenders be able to use this data to inform their lending strategies to navigate the current environment and facilitate the eventual return to improved lending conditions.

In a rapidly changing mortgage market, access to real time customer data is vital. Our MortgagesRM platform helps lenders make sense of this data to serve their customers better and we are delighted to be working with Stephen to do that.

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