The indispensable value of broker advice in product transfers – Beardmore

This creates a huge opportunity for customers to review their options, and product transfers will play a key role in making the process simple and seamless. UK Finance forecasts that lending totals for product transfers will reach £261bn in 2026, representing the largest market since 2018.

In this dynamic landscape, brokers are perfectly placed to guide people through these important choices, ensuring they feel confident and supported as they plan for 2026 and beyond.

The importance of expert guidance

Brokers offer comprehensive assistance throughout the product transfer process, from affordability assessments to product suitability checks. Their expertise guarantees that clients achieve the best possible outcomes, even as the market evolves. The process and level of advice necessary for product transfers are as rigorous as those for new mortgage applications, highlighting the diligence and professionalism brokers bring to every case.

The product transfer is the outcome of considering various factors, like whether the mortgage term and repayment type suit the customer; such considerations wouldn’t occur if the customer chose an execution-only path with the lender. In a market where product availability and rates shift quickly, professional advice is not just valuable – it is essential for consumer protection and financial wellbeing.

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Supporting consumer outcomes and financial security

Brokers are uniquely positioned to guide clients through intricate decisions, ensuring every product transfer aligns with the client’s needs and circumstances. Their advice helps close the protection gap, safeguarding long-term financial security for clients. The latest Protection Viewpoint report from the Association of Mortgage Intermediaries (AMI) shows that 81% of brokers revisit protection with clients when they remortgage or product transfer, making these moments crucial opportunities to address evolving protection needs.

We shouldn’t lose sight of the importance of emotive connection brokers offer as part of the product transfer process. However, product transfer procuration fees for brokers on the whole remain less than what is paid for a traditional remortgage or purchase. That’s why it’s important for lenders to continue supporting the vital role of brokers in the product transfer process, especially as the market expands.

Looking ahead

Brokers’ dedication to high-quality, client-focused service is essential for the sustainability of the advice sector and for fostering trust in the mortgage market.

As the product transfer market continues to grow, brokers are more crucial than ever. Their expertise ensures that clients navigating product transfers receive tailored advice amidst rapidly changing rates and product options, safeguarding consumer interests and financial wellbeing. As millions of customers reach the end of their fixed-term deals in 2026, our industry has a chance to make the consumer experience seamless – whether that’s for remortgaging or product transfers.

By promoting the value of expert advice and ensuring that clients have access to professional guidance, the market can support positive outcomes for all, building a stronger, more resilient mortgage sector.