Remortgaging Advice in High Demand by Online Researchers in 2011
Remortgaging advice was highly sought after last year according to data released from unbiased.co.uk which also showed peak levels of advice sought by first time buyers. The data showed that consumers doing research online searched for information on first time buying advice more than any other area of mortgage advice from January through to October last year. In August first time buyer advice peaked over all other mortgage searches at 41 per cent.
Because of the booming buy to let market it is not surprising that there was a marked increase in number of searches for advice on items concerning the buy to let market. There was a jump in buy to let advice from September to October. In October the peak of 25 per cent from the previous month’s 17 per cent marked an all-time high for buy to let searches.
Karen Barrett, chief executive of unbiased.co.uk, remarked on the data saying "2011 saw a busy year for first-time buyers looking for help with their mortgages.
“While mortgage rates are continuing to be low as a result of the ongoing low base rate, lending criteria continue to be tight, leading to an increase in first-time buyers looking for guidance and help.
"Mortgage advisers should be encouraged by these figures and look forward to a busy 2012, as we are entering the traditional home buying season.
“We are also seeing signs of the buy-to-let market picking up and we expect 2012 to show a continuation of that trend."
Remortgaging advice reached its highest points in January last year as well as in July and November. This reflects the fluctuation of remortgaging highs last year with threats of interest rates pushing remortgage demand upwards in the first of the year and the competitive environment that pushed demand up in the summer and end of the year. Levels of remortgaging advice moved between 29 per cent and 36 per cent of all other mortgage searches last year.