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Remortgage on the Rise?

Remortgage on the Rise?

Intelliworks Remortgage Workflow Update 

Following the recent Bank of England interest rate rise, discussion in the media has turned to increased monthly repayments for consumers on variable rate mortgages, as well as predictions that rates may climb further in the coming months as the Bank continues to tackle inflationary pressures. 

We have also seen recent industry data indicating that there has been an increase in the number of new remortgage instructions during June, compared to the previous months of this year.  

This increase is thought to be the result of consumer concerns regarding the sharp rise in the cost of living, which has been experienced over the last few months. This concern will be further exacerbated by the recent interest rate rise.  

It is anticipated that we will see remortgage instructions continue to grow during July and beyond, as living expenses further increase and consumers consider remortgage as a method of addressing their financial difficulties. 

With data showing that mortgage products are now only available on the market for an average of 17 days, consumers are under more pressure than ever before to complete their applications as quickly as possible to ‘lock in’ their deal.  

Considering these developments, we have recently taken the opportunity to review and enhance our Intelliworks Remortage workflow. Our focus has been to streamline and simplify key processes wherever possible to allow users to be guided through the transaction efficiently and accurately.  

All Intelliworks conveyancing workflows offer the user the benefit of fully integrated, comprehensive risk management processes and features. Intelliworks prompts users to regularly review risk and monitors responses dynamically, which can be particularly important when dealing with high-volume transaction types.    

In addition, each Intelliworks workflow contains an extensive Legal Library of dedicated letters, forms and documents, supporting our users to focus their expertise in areas of bespoke practice. 

Rob Gurney, Managing Director, says: “At Ochresoft, we know that property transactions are impacted by a range of ever-changing external pressures, from pandemics to interest rates – sometimes at the same time. That’s why it’s important to us to flex and move with the market, updating our workflows and enhancing our portfolio to offer our customers the optimum products for any given scenario.” 

For further information regarding any of the Intelliworks Conveyancing workflows please contact Hema Hirani, Business Development Director via email, or complete this form and we’ll be in touch. 

 

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