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UK Finance set to publish product transfer data

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  • 27/02/2018
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UK Finance set to publish product transfer data
Product transfer data is set to finally be made publicly available by UK Finance later this year, Mortgage Solutions understands.

 

The trade body is expected to start publishing the value of this important sub-segment of the market in the coming months, confirm sources, which could help inform broker business strategies for the future.

Lending trends, such as the amount and number of remortgages and home mover loans, have long been publicly issued by UK Finance.

But product transfer has been a noticeable omission, even though this part of the market is thought to be worth far more than remortgages, for example.

UK Finance does gather the data, with lenders asked to provide information on the number and value of their product or rate switches.

Members are also asked for the numbers to be split by the channel used by the borrower, and advised or execution only.

Those that provide data are then given the wider results in a quarterly survey, but it isn’t currently publicly published.

However, this is set to change later this year, as the trade body is expected to bow to pressure to open up data on the market.

 

Going public

 

Robert Sinclair, chief executive of the Association of Mortgage Intermediaries, said: “The product transfer element could be as much as one third of the total mortgage market, therefore withholding the information totally misrepresents what’s going on.”

Up-to-date information on product transfer could be invaluable to brokers, especially as more lenders now pay product transfer procuration fees and as the home mover market is forecast to remain flat over the coming months.

Industry experts have previously estimated the rate switching market to be worth at least £100bn a year.

It’s thought the trade body has previously pushed back against making product transfer public, blaming patchy records that haven’t been running long enough.

UK Finance declined to confirm plans to publish the data.

A spokesman for the body said: “UK Finance regularly publishes mortgage statistics on our website including on first-time buyers, movers, remortgagors and buy-to-let.

“We don’t currently report publicly on any product transfer figures.”

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