MORTGAGE MARKET TOPSY TURVY
Written on 09/11/2020
You don’t have to be a soothsayer to know that the Mortgage Market is booming - so why was October quiet?
New biz at IFAC is through the roof – but they all want to do mortgages, and the IFA sector – for new business, is consolidating into 5 man regional hubs – more rural market town vet practice than single man at home. Not that the latter is a dying model – far from it, its just that the on boarding admin has strengthened the hand of a small practice of five plus five administrators.
Ironic therefore that the October mortgage market, as measured by new searches for mortgages on BAT -twenty7tec was very poor, compared with the previous month of September. We think this is the chaos wrought on timetables by covid – and it serves as a reminder of volatility – the vix index was pushing the alarm bell level earlier this week.
October has seen the lowest level of "available mortgage types" and anecdotally, it seems to be hitting a new historic low - the providers are pulling in, or becoming less entrepreneurial in this temporary climate.
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