Remortgaging in demand, but FTB's 'wait and see'

Borrower demand for remortgages has increased by 25% in the last four months and has exceeded demand for advice from first-time buyers (FTBs) for the first time ever. The number of FTB's seeking advice is usually between 5 and 10 per cent higher than remortgagors but in September 2007, this switched over for the first time and remortgages have continued to rise and exceed purchases ever since.

An industry spokesman said “Borrowers are really astute at the moment in terms of looking to lower their mortgage rate, as the number of people looking for remortgage advice has risen by 25% since October. (ED: Wait a minute. They said September earlier, who's writing this stuff?) On the other hand the number of first time buyers has dropped, indicating a ‘wait and see’ attitude as they look to see if the housing market goes down any further.”

An experienced mortgage adviser (i.e the writer of this Blog !) said " This is what I've already said, as 1,400,000 people with existing fixed rate deals end during 2008, and the demand to replace these product will increase over the coming months. Therefore the need for Independent Mortgage Advice will also increase, which will keep me in business for the forseeable future, so says my crystal ball" Or else!

However, what's keeping me busy right now are people who have sold existing properties and are buying new homes. As always, 1st Call 4 Mortgages bucks the industry trend !

I'll leave you with a thought to ponder: What was the best thing before sliced bread?