Mortgage advisors across the country are being urged to prepare themselves in advance for a flood in the number of remortgages as well as product transfers towards the end of this year.
The close of 2022 will see mortgages worth close to £100 billion reaching maturity and nearly a third of them will get to that point during December. As borrowers try to find a way of coping with increasing living costs, many of them are likely to either seek to switch to another mortgage product or to remortgage.
That has led lender Accord Mortgages to issue a call for advisors to be prepared for this. Its data suggests that the highest number of remortgages and product transfers for this year will be in December, totalling around £29.1 billion. October is expected to bring the second highest number, adding up to over £26.3 billion.
Accord has stated that preparing ahead of time will enable advisors to find loans and solutions that can help their clients get through the crisis. Its managing director, Jeremy Duncombe, told Mortgage Solutions that the winter months would see advisors dealing with many struggling clients.
He then went on to add:
“Brokers who are able to plan ahead and reach out to existing clients have a huge window of opportunity to demonstrate the value of advice and help borrowers secure mortgages that best meet their needs.”
It is essential for advisors with CeMAP training to engage in advance preparation so that they can capitalise on chances like this.