This is up from the 53 per cent of advised product transfers seen in 2018.
In total, 1,195,200 homeowners switched product with their existing provider during 2019 and 662,700 were completed on an advised basis while 532,400 were done through execution-only.
Year-on-year, there were 6.9 per cent more advised product transfers completed and 4.8 per cent fewer execution-only ones.
The value of product transfers reached £167.4bn during the year. Overall, this was 1.4 per cent more product transfers than the 1,189,100 in 2018 which had a value of £158.7bn.
Q4 transfers
In the final quarter of 2019, there were 309,300 product transfers in total, a year-on-year decline of 4.6 per cent. Of these, 166,700 were advised and 142,600 were execution-only.
Proportionally, 54 per cent of product transfers were advised in Q4.
By value, Q4 product transfers represented £44.3bn of mortgage borrowing, a decrease of 1.5 per cent year-on-year.
Encouraging data
Martijn van der Heijden, chief strategy officer at Habito, said the rise in advised transfers was “an encouraging trend”.
“Although it is still quite early to draw firm conclusions, it appears that an increasing number of people are turning to free, whole of market brokers to take advantage of great advice and highly competitive low-interest-rate deals, rather than simply continuing with the same provider,” he added.
