13% of mortgage and remortgage customers are trying to speed up applications so they can finalise deals ahead of the European Union referendum on 23 June, according to new research from the Nottingham Building Society.
Its study shows first-time buyers are more concerned about closing deals ahead of the EU referendum; around three-quarters of those trying to hurry through applications are buying their first house.
However, just 20% of mortgage brokers say clients are asking about the possible impact of the referendum on their application and 80% of brokers say the referendum is having no impact on their business. The research shows 35% of brokers are mentioning the possible impact of the referendum to clients.
34% of those surveyed said they have no concerns if the vote on 23 June is to leave.
Mortgage customers’ biggest fear is general economic uncertainty ahead of any specific impact on mortgage rates and applications. Around 42% say they are worried about economic uncertainty in the event of a vote for Brexit with interest rate uncertainty the second biggest concern for 30% of customers.
Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, said: “The referendum debate has dominated the headlines since the date was announced at the end of February and is certain to continue doing so until the votes are counted.
“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.
“No matter how you intend to vote it makes sense to search the whole market when sourcing a mortgage deal and there will be options for borrowers no matter whether the UK decides to remain or leave on June 23rd.”