The number of mortgage deals in the first two weeks of August has been extraordinarily high according to recent data released by a national conveyancing firm.
QCAS, the conveyancing section of the Leeds-based law firm Shulmans LLP, has been dealing with a much larger number of property transactions than would normally be expected in August. According to the head of QCAS, Victoria Mortimer, transactions during August are generally very low due to it being the main holiday period. Mortimer said:
“As a national, large scale conveyancer we are well-placed to spot emerging trends and there’s no doubt about this one. People are getting their finances sorted before the end of the year.”
According to Mortimer, there could be a number of factors influencing the increase, including the announcement of possible interest rate increases, more mortgages with a higher loan to vale ratio, and those who are looking for cheap deals before the interest rates soar. The conveyancer confirmed that the company had handled more property transactions during the last year, all due to the combined factors mentioned previously. Mortimer added that it was possible that lenders would start to remove products offering low interest rates, due to the announcement made by https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Carney, the Bank of England’s Governor, that interest rates may increase in 2016.
Mortgage advisers will also experience increased work levels, due to more people searching for affordable mortgage products. As advisers are required to undertake CeMAP training, consumers can be confident that they are receiving the best possible advice.