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If you are covering the Mortgage Lenders and Administrators Statistics for Q2 released today, please see the following comment from Gemma Harle, Managing Director of Intrinsic Mortgage Network, part of Quilter.
“The statistics from the Bank of England today paint an encouraging picture of the health of the mortgage market showing that existing borrowers are able access lower deals. Although for this quarter we see a slight drop of 2 percentage points in the level of re-mortgaging, if you look at the longer term picture, the industry is seeing more and more people re-mortgaging their homes. These figures also do not account for people who are getting better deals with their current lenders, which is making up an increasing proportion of brokers’ business.
“For those re-mortgaging, it is vital people have the opportunity to consider longer term fixed rate deals rather than just simple product transfer. Longer term deals allow borrowers to take advantage of the still relatively low interest rates and avoid the negative impact of any further rises like the one from the Bank of England last month. Getting financial advice is crucial for this long-term financial commitment.”
“Another good indicator is that the share of first time buyers (FTBs) has increased to 21.4% in Q2 2018 1.8 percentage point increase on last quarter. This very positive step considering the consistent messages of doom and gloom first time buyers have to contend with.
“This increase has been bolstered by the government’s Help to Buy scheme. While the scheme has its critics, these positive results could show that it is going some way to help address the problem of generation rent. One of the main concerns is that Help to Buy inflates new build houses and the only sure fire way to help more first time buyers get on the property ladder is to build more affordable housing and properly address the housing shortage.”
Intrinsic is part of Quilter plc, a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.