Remortgage instructions up 9% after lockdown dip

The number of remortgage instructions increased by 9% during the week between 6 and 13 April, according to new data from Legal Marketing Services (LMS).

The conveyancing solutions provider said the latest figure followed on from a dip that followed the announcement of the UK lockdown.

LMS also revealed that remortgage completions had closely followed the pattern it recorded in March, indicating that at 70% of the way through April, the number of completions stood at 69% of the March total.

Furthermore, pipeline activity has remained “steady” throughout the crisis so far, LMS suggested, with the volume of applications carried forward month-to-month remaining in line with 2019’s figures.

The conveyancing solutions provider added that the cancellation levels it is recording have also remained stable throughout the crisis. Year-on-year, LMS revealed its cancellation figures currently stood 26% below April 2019’s total, which it suggested was proportionate with another week of the month still to run.

LMS CEO, Nick Chadbourne, commented: “Promising levels of activity continue in the remortgage sector, with borrowers opting to take out new deals and industry service levels remaining strong.
 
“All metrics are holding steady, and strong instruction figures give cause for some quiet optimism. The industry is showing its resilience during a testing time, and we hope to see this continue as the industry’s hard work pays off and delivers for borrowers.
 
“It will be interesting to see how steps such as electronic signatures and remote valuations play a role in boosting transactions in the coming weeks. What’s certain, though, is that there’s never been a more important time to pay attention to security, both on the part of law firms and their customers – remaining vigilant against scammers is vital.

“The industry’s rapid uptake of sophisticated technology to ensure excellent standards of service are maintained has been great to see.”

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