Remortgage activity sees an increase

A predicted rise in the Bank Base Rate has stimulated an increase in the remortgage market

A predicted rise in the Bank Base Rate has stimulated an increase in the remortgage market

Conveyance company Conveyancing Alliance Ltd have seen remortgage instructions rise year on year, pin pointing quart one in 2010 as the first indication of improvement.

Remortgage instructions had risen in quarter one of 2011, up 16% from the same period in 2010. Purchase instructions also saw a significant increase over the same timescale, seeing a 57% growth. Alliance Ltd attributes the rise in numbers to the overall increase in the remortgage market, stimulated by a predicted rise in Bank Base Rate in the next year, as well as talking up their own service – the ‘Rapid Remortgage’.

Managing director of the company, Harpal Singh, was very pleased with the improvements to both types of instructions, saying; ‘A year is a long time in the housing and mortgage market and we can certainly see the difference in our numbers for quarter one this year compared to last.’ He remains positive that the market will continue to see signs of improvement, even though the Base Rate is rumoured not rise until August it hasn’t stopped borrowers from refinancing.

Mr Singh added that; ‘We are still 100% committed to the broker market and the launch of the ultra competitive Convey99 product was designed to offer brokers and their client’s access to a top of the range offering.’ He anticipates that there will be further increases throughout the year, taking into consideration the predicted levels for the next few two months.

The companies new product Convey99, has so far received high take up after its launch at the end of March. In its first month, 200 brokers have registered to sell the product, adding to an increase in business levels for Conveyancing Alliance Ltd. The service is touted as ‘no completion, no fee’ and comes with a ‘fall-through search protection’, making the project very unique in that respect. Advisors benefit from a referral fee of up to £200, Mr Singh is pleased with the response that has been received since its launch, adding; ‘Feedback from brokers, clients and our solicitor firm has been fantastic and as our instruction levels continue to rise we are seeing a number of brokers placing multiple cases with us.’

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