First product transfer data shows £53.7bn of mortgage debt refinanced in Q1

UK Finance has published refinancing figures for the first time, revealing that £53.7bn of mortgage debt was refinanced internally in the first three months of the year.

The research also shows that of the 390,200 homeowners who switched their mortgage product, 203,200 of these (with a total value of £29.5bn) took advice. The remaining 187,000 transfers (£24.2bn) were execution-only.

The trade body states that it has released this data following interest around customer retention garnered from the findings of the FCA’s much-discussed Mortgage Market Study that shows the mortgage market is highly competitive in this area.

It promises that future data will be published quarterly.

UK Finance director of mortgages Jackie Bennett comments: “These figures echo the FCA’s findings in its interim Mortgages Market Study: customer engagement is high and the majority of mortgage customers switch to a new deal shortly after their previous deal expires. Our data also supports the FCA’s observation that most borrowers choose to remain with their current lender when they switch product.

“It’s a positive outcome for consumers that they can make these transactions in a wide variety of ways to suit their needs. Borrowers who know exactly the product they want can elect to switch quickly and efficiently through the execution-only route.

“But, for those who require help in choosing the right product, mortgage advice is widely available through both direct channels and from intermediaries, with more than half of borrowers taking advice for their new deal.”


Remortgage boom continues in May: UK Finance

  The mortgage market enjoyed a pre-summer boost, with continued growth in remortgaging as well as an uptick in lending to first-time buyers.  However, the latest UK Finance figures show that the buy-to-let market continues to be flat. In total there were 36,000 remortgages completed in May, an increase of 7.1 per cent on the […]


Post-Brexit house price growth slower than after 2007 crash

Monthly house price growth since the Brexit vote has been slower than market recovery after the 2007 property bubble burst, research by has found. The estate agency says that in the two years leading up to the property bubble bursting, house prices grew at an average of 0.8 per cent. When the market crashed […]

Retirement interest-only mortgages… five things you should know

Tom Gurrie offers some key insights into retirement interest-only mortgages. The rules have changedLast month the FCA redefined retirement interest-only mortgages – RIOs – as standard mortgages, not lifetime, to improve access to borrowing for older consumers, including interest-only borrowers facing shortfalls. Expect a boost in the number of these deals once lenders work through […]


News and expert analysis straight to your inbox

Sign up