Depressed Remortgage market

Published: 12/08/2010

Goldsmith Williams, the direct conveyancing firm, says that there are still remortgage opportunities for brokers, despite the depressed state of the market.

Eddie Goldsmith, Senior Partner at Goldsmith Williams, said: “Brokers have seen remortgaging activity fall away rapidly in recent months, but there are still pockets of opportunity out there. The lack of demand is being driven by low rates and tighter lending criteria, both of which are acting as disincentives for borrowers to remortgage. However, now is the time for many borrowers who are enjoying low variable rate deals to consider locking into fixed rates, to offset what could be a significant payment shock when rates do rise, as they inevitably will do at some point.”

“Goldsmith Williams is keen to help brokers capitalise on these opportunities, which is why we have agreed to continue our popular fee free conveyancing deal throughout 2010. This deal enables clients to keep remortgaging costs to a minimum and rewards brokers for their efforts.”

The deal is available when brokers instruct Goldsmith Williams rather than use a lender’s fee free scheme and includes the following benefits:

• £75 broker fee – when a lender’s cashback alternative is £250
• £50 broker fee payable  - even if the lender cashback is only £200
• 7 day completion guarantee – from the date of the mortgage offer
• Clients’ interests are fully represented – whereas lender schemes provide no legal representation for clients
• Broker retains control – lender schemes cut brokers out of the deal
• Fees are paid within 24 hours of completion - by telegraphic transfer (free of charge) direct to the brokers’ nominated bank account.
• Real time case progression - for brokers available via GW Live at gw.live with access to an account manager.

The latest data from the Bank of England shows that 24,949 remortgages were approved in June, down 3% on May and at its lowest level for the past decade. This compares to 47,643 approvals for house purchase. The gross lending figure for June was £12.9 billion

Content correct at time of publication