Product transfers (PTs) accounted for 79 per cent of all refinancing activity in the quarter, up from 77per cent in Q2 and 72 per cent in Q1, when PT transactions reached 288,500.
Remortgaging in the three months to September totalled 79,110 transactions; 39,870 deals were to withdraw equity and 39,240 were like for like switches.
Compared to the previous quarter, remortgaging transactions have fallen by 10 pc from 87,960 when 42,720 deals included equity withdrawal and 45,240 transactions were straight swaps.
Year on year, overall activity fell by 30 per cent from 112,670 remortgages in Q3 2019.
Last month, Sesame Bankhall Group (SBG) revealed that May and August had been the network’s busiest months ever for product transfers.
Mortgage brokers reported that product transfers had overtaken their remortgaging business and SimplyBiz Mortgages chief executive Martin Reynolds said he expected to see that trend continue.
In Q3, the total number of purchase applications completed was 154,700 with an almost even split between first-time buyer and home mover transactions.
This was an increase of 76 per cent on activity in Q2 when 88,090 purchase applications completed; 46,440 for first-time buyers and 41,650 for home movers.
Year on year, the Q3 volume of purchase loans was 17 per cent lower. In quarter three 2019, a total of 188,230 purchase loans completed; 93,930 for first-time buyers and 94,300 for home movers.