Mortgage submissions surge by over 50% as borrowers rush to secure rates – Stonebridge
Between the attack and the Bank of England’s base rate decision last Thursday, submissions were up 54.3% compared to the same period last year.
Mortgage submissions jumped by more than 50% after Donald Trump’s decision to attack Iran on 28th February, according to Stonebridge.
The mortgage and protection network saw a surge in applications after swap rates began to rise, with advisers working late to help borrowers secure deals before lenders changed rates.
Between the attack and the Bank of England’s base rate decision last Thursday, submissions were up 54.3% compared to the same period last year.
The rush came as mortgage rates rose with the cost of swaps, which lenders use to manage interest rate risk.
Rob Clifford (pictured), CEO at Stonebridge, said: “The way our members reacted was nothing short of extraordinary.
“There is no doubt their commitment and willingness to burn the midnight oil saved customers millions of pounds in unnecessary interest when you factor in the volume of business they would have written in just this short period.
“It’s a great example of how advisers champion borrowers, help them navigate a complex and fluid market, and give them an edge that they would lack if they were tackling all this on their own.”
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