Potential Brexit drives mortgage enquiries surge

Potential Brexit drives mortgage enquiries surge

The observation from the mortgage division of deVere Group, one of the world’s largest independent financial advisory organisation, comes as both sides of the debate on whether Britain should leave the EU up the ante in a bid to win UK voters hearts and minds ahead of the In/Out referendum in June.

Mike Coady, Managing Director of deVere Mortgages, comments: “The UK’s EU referendum is getting almost wall-to-wall media coverage. The issue is dominating news agendas and it is likely to increasingly do so as we move towards the vote on 23 June. The campaigning has noticeably ratcheted up a gear over the last two weeks.  This is especially so since the announcement of London Mayor Boris Johnson, who has a long-standing ambition to be Prime Minister, to back the Vote Leave lobby.

Despite pro-Brexit groups now accusing David Cameron’s In Campaign of scaremongering by using ‘Project Fear’ ahead of the EU referendum, the messaging of the Vote In campaigners appears to be making a real impact outside Westminster.”

He continues: “Since the campaigning really got underway in a big way two weeks ago, we have noticed a significant increase in the number of people enquiring about mortgage applications. There has been a 30 per cent week-on-week jump in the number of enquiries.


We attribute this uptick largely to the fact that the In Campaign has been keen to point out, and effective in doing so, that mortgages could become more expensive if Britain leaves the European Union following June’s referendum.”
 
Mr Coady goes on to say: “If the UK votes to leave the EU, Britain’s very large trade deficit may cause a run on sterling and, as such, require the Bank of England to introduce higher interest rates to stem it.  Of course, this would have the consequence that mortgages will become more expensive as lending rates rise.
 
Clearly, no-one can predict the outcome of the referendum, but it seems that the possibility of the fallout of Brexit is fuelling a surge in mortgage enquiries. People are rushing to apply for and lock-in a mortgage now as a precaution in case interest rates go up and mortgages become more costly.  I believe we can expect this surge in mortgage enquiries to intensify as we approach the vote.”

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Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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