The Financial Conduct Authority’s (FCA’s) Product Sales Data found that the proportion of non-advised sales was higher than the 2.6% of the market it accounted for last year.
The Product Sales Data captures new sales and transactions, and all home finance providers are required to submit this data to the FCA. The data for 2025 comes from 142 lenders.
Of the 1.08 million new mortgage transactions recorded in 2025, 83% were intermediated, relatively similar to a share of 84% the year before.
The data showed that mortgage sales stayed steady over the year, with a slight dip in Q2.
Some 283,676 new mortgages were completed in Q1, before falling to 221,208 in Q2. This picked up in Q3, totalling 289,499, then 286,345 in Q4.
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The data showed a 14% rise in new mortgage sales year-on-year.
A quiet market in Q2
New mortgage sales were muted in Q2, likely due to the stamp duty threshold change in April.
The FCA’s data showed that remortgage activity was highest in Q3, with 93,755 completed, compared to 73,841 in Q1 and 73,115 in Q2. This settled slightly by the end of the year, with 83,303 remortgages completed in Q4.
Overall, the number of remortgages completed rose 12% from 289,059 in 2024 to 324,034 in 2025.
First-time buyer mortgage sales improved in 2025, rising 16% to 380,715. The first-time buyer market was least active in Q2, with 77,116 sales, compared to sales around 100,000 during the other quarters.
New mortgages advanced to homemovers increased nearly 15% to 328,337 in 2025. This part of the market was also weakest in Q2, with sales dipping to 8,672, compared to sales exceeding 9,000 in the other quarters.
Meanwhile, lifetime mortgage sales were relatively stable, rising 5% to 23,346.
Borrowers favour longer-term mortgages
The majority of mortgage sales in 2025 were on terms longer than 20 years, the data showed, accounting for 788,170 or 72% of all completions.
Mortgage revenue rises
Separate figures from the FCA also showed that revenue generated from mortgage broking rose by 15.9% to £1.6bn in 2025, compared to 2024.
This was across 4,499 mortgage advice firms, with 32,990 staff advising on mortgages.
