Rise in lead sales noted following rate cut
Tuesday 11th November 2008The Bank of England's higher than anticipated rate cut last week has prompted a dramatic rise in mortgage lead sales.
Lead generation company Paaleads.com has explained that borrow reaction to the 1.5 per cent rate cut was "instant" with consumers taking out a record number of remortgages on Thursday.
Simon Williams, head of business development at the company, told the FT Adviser that remortgage lead sales were unprecedented following the Bank's announcement.
"On Thursday we generated and sold an all time record number of remortgage leads - more than three times as many as a typical Thursday - and generated the second highest number of all mortgage leads in a day since starting in 2002," he said.
He added that with many standard variable rate montage products currently priced at around seven per cent, remortgage leads are likely to rise as consumers "realise there are savings to be had".
Last week's cut of 1.5 per cent has taken the base rate to a 54-year low of three per cent.
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