Challenging markets: remortgages

16 April 2019

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Last time in this three part series of challenging markets, we looked at increasing demand and lack of supply. In this edition we look at how new builds and Help to Buy: Equity Loan mortgages are impacting remortgages.

The evolving new build and Help to Buy market offers a more affordable way to buy. So it’s shaping the style of new homes being built and the behaviours of buyers. For example, the first steppers are buying three bed homes instead of two bed flats. This suggests borrowers may stay in that property for longer and have less incentive to take advantage of remortgaging Help to Buy: Equity Loan properties.

The current environment in the UK is causing evolutionary change in the way brokers and lenders must meet customer needs. Customers’ personal circumstances are also changing, causing a shift in mortgage requirements. This shift is rapid and some lenders are struggling to keep up. Brokers have limited options, especially when it comes to sectors that need more support, such as new build.

The market is evolving, which raises many questions. In particularly, what are lenders doing to meet customer needs? What could lenders, such as Bank of Ireland UK, be doing to make brokers’ lives easier? We’d love you to share your thoughts. Help shape our future together by contacting your Business Development Manager and joining our broker feedback community.

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