Re-mortgages Exceed First Time Buyers for the First Time

3rd March 2008

Borrower demand for remortgages has increased by 25% in four months and has exceeded that of first time buyers for the first time since Leadbay's records began in January 2005.

Since its launch in January 2005, Leadbay has always enabled advisers to buy the first time buyer, purchase and remortgage leads separately, so it has been clear to see how the different types of borrower have changed over time.

The number of first time buyer leads is typically between five and ten per cent higher than the number of remortgages, but in September this switched over for the first time and, after a return to the status quo in October, remortgage enquiries have continued to rise and exceed purchase enquiries ever since.

Simon Baker, Leadbay's commercial manager says, "It appears that borrowers are really astute at the moment in terms of looking to lower their mortgage rate, as the number of people looking for remortgage advice has risen by 25% since October.

"On the other hand the number of first time buyers has dropped, indicating a 'wait and see' attitude as they look to see if the housing market goes down any further."

Notes for editors Leadbay forms a part of Add Momentum which launched in the summer of 2003. It focuses on delivering innovative services that are customer-focused and easy to use. Its ethos is to bring people and technology together; to help people to fulfil potential, achieve new things and make a real difference.

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