Conveyancing Alliance Ltd has reported an increase in its month-on-month remortgage activity in November
The firm says it has seen a significant increase in purchase instructions throughout the second half of 2009 however, it has now witnessed an upturn in remortgage activity, with the number of remortgage instructions increasing by 28% from October to November.
While Conveyancing Alliance expects December to be slightly down on November due to the Christmas and New Year breaks, it says its weekly run rate for the first two weeks is the same as it was for the corresponding weeks in November.
Purchase activity continues to dominate however with the conveyancing distributor showing a marked improvement with this type of instruction up 45 per cent between October and November.
The firm believes the increase in remortgaging is a healthy sign for the overall mortgage marketplace, and suggests that the second half of 2010 will deliver a considerably healthier remortgage market.
To capitalise on both the purchase and remortgage business increase, and to also allow larger adviser firms more control over the conveyancing instructions of their sales force, Conveyancing Alliance is now creating bespoke white-label solutions for individual businesses.
Harpal Singh, managing director of Conveyancing Alliance Ltd, said: “Given the way the market has gone in 2009 it is perhaps no surprise to see our purchase instructions continuing to dominate overall business levels. What is particularly exciting is that our remortgage activity has shown a significant increase between October and November. We should point out that this is from a low level and that we should not take every month in isolation