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市場調査レポート
英国の住宅ローン借り換え市場の今後
The Future of Remortgaging
| 発行 |
Datamonitor |
| 出版日 |
2009年08月 |
商品コード |
99161 |
| ページ情報 |
英文 29 pages |
| 価格 |
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Abstract
Introduction
Remortgaging activity in the UK has fallen significantly. This is a result of
the low base rate encouraging borrowers to revert to lenders' standard
variable rates rather than remortgaging. This brief looks at past activity in
the market before forecasting how remortgaging activity is likely to perform
over the next few years.
Scope of this research
- Uses Datamonitor' s proprietary Retail Banking Consumer Survey to
investigate market trends.
- Looks at how the main players are reacting to current developments in the
market.
- Provides a forecast for the remortgaging market over the period 2009-2013.
Research and analysis highlights
Remortgage gross advances plunged by almost two thirds from £34,200m in
Q3 2007 to £11,800m in Q2 2009, while the overall market declined from
£98,600m to £33,900m during the same period, largely driven by the
decline in house purchases.
The fallout from the credit crunch saw lenders retreating from heavy
competition or pulling out of the market completely. However, in the
remortgage market the large lenders have remained. The market is dominated by
big players with Lloyds Banking Group, Santander, Barclays, Nationwide, HSBC
and RBS controlling about 90% of the market.
When their special deals end, borrowers are more willing to stay on the
lender' s SVR as many of them are now below the rates offered for those
choosing to remortgage. They are no longer perceived as an uncompetitive rate
for borrowers who have not managed to organize a remortgage but are among the
best rates out there.
Key reasons to purchase this research
- Gain an insight into what your competitors are doing to deal with the
slump in the remortgaging market.
- Increase your understanding of your consumers' behaviour.
- Use Datamonitor' s market forecast to plan your future strategy with
confidence.
Table of Contents
DATAMONITOR VIEW
ANALYSIS
- The level of remortgaging in the market has declined since its peak in 2007
- Remortgaging gross advances have dropped less rapidly than house
purchase advances
- The decline in gross lending came as a result of a decline in all forms
of lending
- The buy-to-let market saw huge falls in gross lending between Q3 2007
and Q2 2009
- Competition among lenders is low and is likely to remain so in the near
future
- The level of competition in the market is low but the re-entry of
Northern Rock has boosted the market
- The big lenders have been the most successful at attracting new
remortgage business
- Prior to the crunch lenders priced remortgaging deals to make minimal
margins
- A dearth of remortgaging activity could hamper a recovery
- Brokers are traditionally strong in the remortgaging market
- Lenders in difficulty are paying borrowers to take their business
elsewhere
- Innovation in remortgaging has been minimal since the credit crunch began
- Remortgage calculators are available on some websites
- HSBC has reintroduced its rate matcher deal to boost remortgaging
- Lenders have been looking to attract more borrowers onto offset mortgages
- Lenders are offering four-year fixed terms
- Banks are taking steps to reduce the costs faced by borrowers when
remortgaging
- Innovation is likely to return once the market has recovered sufficiently
- Consumers are weighing up their options regarding remortgaging
- According to some sources the number of consumers seeking remortgage
advice has risen
- Over the last 12 months more borrowers switched than reverted to their
standard variable rate
- The share of new mortgages on new property is generally lower the more
recently the mortgage was arranged
- With falling house prices equity release has fallen
- Consumers are substituting savings for paying off debts
- Datamonitor forecasts that the market for remortgaging will recover during
2011
- Recovery will begin in 2011
- There is unlikely to be a movement away from remortgaging products in
the future
APPENDIX
- Supplementary data
- Definitions
- Equity
- Loan-to-value
- Title insurance
- Methodology
- Forecasting methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Datamonitor forecast of remortgaging and the total mortgage market,
2007 - 13f
- Table: Annual gross advances for house purchase and remortgaging, 2000 - 08
- Table: Quarterly gross advances split by type, Q1 2005 - Q2 2009
- Table: Buy-to-let quarterly gross advances, Q3 2006 - Q2 2009
- Table: Remortgaging activity by brand of lender
- Table: Average monthly rate for different types of mortgage product,
January 2007 - June 2009
- Table: Number of different types of loan advanced on a monthly basis,
January 2007 - June 2009
- Table: Action that best describes situation over the last 12 months
- Table: The impact of the time when the mortgage was arranged on the type
of mortgage activity
- Table: Likelihood of remortgaging over the next six months
FIGURES
- Figure: Remortgaging gross advances saw a moderate fall between 2007 and
2008
- Figure: The overall market peaked in Q3 2007 before falling away,
remortgaging fell quickly from Q3 2008
- Figure: Buy-to-let remortgage gross advances fell by 87% between Q3 2007
and Q2 2009
- Figure: Barclays/Woolwich has been the most successful at attracting new
remortgage business
- Figure: The average standard variable rate has been lower than the average
fixed rate since November 2008
- Figure: The majority of borrowers are still taking out fixed-rate loans
- Figure: Remortgage calculators facilitate the complex calculations
involved in remortgaging
- Figure: Woolwich outlines the differences between a normal mortgage and an
offset one
- Figure: Over the last 12 months more borrowers remortgaged than reverted
onto their lender' s SVR
- Figure: The share of remortgaging as a percentage of new mortgage activity
has fallen in the last six months
- Figure: Less than one fifth of respondents are likely to remortgage during
the next six months
- Figure: The total mortgage market will recover sooner than the
remortgaging market
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