Two out of five brokers have seen an increase in customers giving up on applications because of delays, research from Nottingham Building Society revealed.
An online poll of 96 mortgage brokers in April found that brokers have reported a rise in customers giving up on remortgage and mortgage deals because the process has become more time-consuming and difficult.
The survey also found 58 per cent expect an increase in remortgaging enquiries, with 9 per cent forecasting a dramatic increase.
Around 48 per cent of brokers believe there will be more five-year deals, while 40 per cent are forecasting an increase in 10-year deals.
Ian Gibbons, Nottingham Mortgage Services’ senior mortgage broking manager, said: “There remains an issue about customers giving up on applications because the process has changed since they last took out a home loan, which underlines the need for the expert support provided by brokers and the whole of market service.”
Earlier this week the Council of Mortgage Lenders reported home-owner remortgage activity (£3.7bn) declined 10 per cent in May compared with the previous month and 3 per cent compared with the same period last year.
Buy-to-let continues to grow year-on-year, with remortgaging up 36 per cent and house purchase up 20 per cent.
emma.hughes@ft.com
