Refinancing business has soared in July according to figures released by AFG today.
The group’s Mortgage Index showed that 40.8 per cent of new mortgages in July were for refinancing, with most of the activity heading in the direction of the big banks.
Malcolm Watkins, AFG executive director, has called on the government to stimulate “genuine market competition” as concerns grow over a bank dominated mortgage industry.
AFG’s up-swing in refinancing for July corresponded with the findings of a recent Mortgage Business straw poll that asked where the industry expected to generate the bulk of its revenue in the near future.
Asked which residential lending sector would generate the most business over the coming six months, over 40 percent indicated refinancing.
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