A new report, launched today by Iress and Koodoo, shows that almost a third (28.5%) of UK homeowners looking to remortgage prefer 5 year fixed mortgages when refinancing. The report also highlights a notable increase in products in the 85-90% LTV (loan-to-value) category.
Key findings from the first publication, which includes data to the end of January 2021, include:
The report - Online Mortgage Search and Competition Index - will be published on a monthly basis, and uses Iress’ mortgage sourcing data, combined with search data from Koodoo’s mortgage comparison platform. It is intended to support lenders in making product design and pricing decisions specifically for this fast growing channel.
Iress’ executive general manager, Dave Miller said: “We’re clearly seeing a response to continued uncertainty in the market, with consumers keen to lock in rates for a longer period. We’re also seeing that lenders are beginning to show signs of willingness to lend at higher LTVs. It’s our intention that lenders be able to use this data to inform their lending strategies to navigate the current environment and facilitate the eventual return to improved lending conditions.”
Koodoo’s chief executive officer, Seb McDermott, said: “In a rapidly changing mortgage market, access to real time customer data is vital. The Koodoo analytics platform helps lenders make sense of this data to serve their customers better and we are delighted to be working with Iress to do that.”