Latest data from UK Finance shows that there were 331,500 product transfers in the final quarter of 2018, worth a total of £46.1bn.
Of these, 176,700, at a value of £25.2bn, were performed with the help of an adviser, with the remaining being execution-only.
This compares with 291,900 product transfers recorded in the preceding quarter, at a value of £38.7bn.
Over 2018 in total, the trade body counted 1.2 million product transfers at a value of £158.7bn, with 624,900 – worth £85.7bn – of these being advised.
The trade body stresses that these figures do not feature in any market data on remortgaging, or other published gross mortgage lending data.
UK Finance director of mortgages Jackie Bennett says: “[These figures show] a high level of customer engagement, as borrowers continue to take advantage of a competitive marketplace to switch to a product that best suits their needs.
“For those who need help in finding the right product, support is widely available through both direct channels and intermediaries, with more than half of borrowers taking advice for their new deal.”
SPF Private Clients chief executive Mark Harris adds: “It is good to see these stats are now being produced and that the product transfer market was a little larger than most people would have thought. Product transfers good for lenders with big back books but for new lenders they are going to have to offer competitive products to compete and attract business away. From a borrower’s perspective, this makes it a great market.”