Around one in seven (13 per cent) mortgage and remortgage customers are trying to speed up applications so they can seal deals ahead of the EU referendum, according to Nottingham Building Society.
It commissioned Consumer Intelligence to survey a a nationally representative sample of 1,065 adults during April, finding around three-quarters of those trying to hurry through applications are buying their first house.
However, another study carried out on the society’s behalf last month among a nationally representative sample of 101 mortgage brokers, showed just one in five had clients asking about the possible impact of the referendum on their application and 80 per cent reckon it is having no impact on their business.
The broker poll also revealed 35 per cent are mentioning the possible impact of the referendum to clients.
Mortgage customers’ biggest fear is general economic uncertainty - with 42 per cent - ahead of any specific impact on mortgage rates and applications, while interest rate uncertainty the second biggest concern for 30 per cent of customers.
CONCERNS | PERCENTAGE |
General economic uncertainty | 42% |
Interest rate uncertainty | 30% |
Mortgage rates rising | 26% |
New regulations | 19% |
House price uncertainty | 19% |
House price falling | 12% |
Lenders less willing to accept applications | 11% |
No concerns | 34% |
Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, commented: “There have been all kinds of forecasts and predictions about what might or might not happen depending on the result and it is clearly having an impact on the mortgage market, with people hurrying to complete applications.”
peter.walker@ft.com
