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Poll: Are product transfers becoming more popular than remortgages?

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  • 05/05/2023
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Poll: Are product transfers becoming more popular than remortgages?
It is widely acknowledged that 2023 is a bumper year for remortgages with 1.5 million fixed rates mortgages coming to the end of their fixed rates this year, according to the latest UK Finance figures.

Within that, about 800,000 mortgages will end in the second half of this year.

However, does the customer go to the broker or do a product transfer with the lender directly?

Heads of some of the biggest high street lenders, Barclays, HSBC, Lloyds Banking Group and Natwest, said that between two thirds and three quarters of borrowers remortgage with them at the end of their deals.

Some noted that there was a difference in approach from those using a broker to those who do not.

With a significant cohort of people expected to come to the end of their deals this year, Mortgage Solutions wants to know if brokers are seeing product transfers becoming more popular than remortgages?

 

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