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The Future of Remortgaging
Datamonitor, Aug 2009, Pages: 28
Remortgaging activity in the UK has fallen significantly. This is a result of the low base rate encouraging borrowers to revert to lenders standard variable rates rather than remortgaging. This brief looks at past activity in the market before forecasting how remortgaging activity is likely to perform over the next few years.
Scope
- Uses proprietary Retail Banking Consumer Survey to investigate market trends.
- Looks at how the main players are reacting to current developments in the market.
- Provides a forecast for the remortgaging market over the period 2009-2013.
Highlights of this title
Remortgage gross advances plunged by almost two thirds from £34,200m in Q3 2007 to £11,800m in Q2 2009, while the overall market declined from £98,600m to £33,900m during the same period, largely driven by the decline in house purchases.
The fallout from the credit crunch saw lenders retreating from heavy competition or pulling out of the market completely. However, in the remortgage market the large lenders have remained. The market is dominated by big players with Lloyds Banking Group, Santander, Barclays, Nationwide, HSBC and RBS controlling about 90% of the market.
When their special deals end, borrowers are more willing to stay on the lenders SVR as many of them are now below the rates offered for those choosing to remortgage. They are no longer perceived as an uncompetitive rate for borrowers who have not managed to organize a remortgage but are among the best rates out there.
Key reasons to purchase this title
- Gain an insight into what your competitors are doing to deal with the slump in the remortgaging market.
- Increase your understanding of your consumers behaviour.
- Use The market forecast to plan your future strategy with confidence.
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