Just Mortgages has announced that the number of mortgage applications it dealt with during the final week in March made that week one of its best yet, with an increase of over 10%.
This marks a significant rise in demand from borrowers given the economic situation created by the coronavirus pandemic and lockdown. One explanation for it is that the mortgage brokers who work for the company moved very quickly to establish new working methods like using telephone calling and video conferencing technology. Just Mortgages had been using that technology regularly before the crisis, making the transition easier than it has been for other firms.
However, the sheer number of applications for its mortgage products during March is also down to the boost that the sector enjoyed in the wake of the general election result at the end of last year. The decisive result of this ended much of the Brexit uncertainty that was impacting on the economy as a whole. A final contributory factor may be the desire that people felt to sort out mortgage deals ahead of an impending lockdown.
Speaking to Mortgage Finance Gazette, John Phillips from Just Mortgages said:
“We’re under no illusions about what the immediate future could hold for the industry but we’re confident our business is robust and that once the lockdown is lifted we’ll continue to be in a strong position.”
Every mortgage advisor who has completed a CeMAP course will be hoping this is true of the industry as a whole.