UK Finance highlight popularity of mortgage product transfers

by Aaron Strutt

Jul 21 2018

Industry figures released for the first time highlight the popularity of mortgage product transfer systems.

Data from UK Finance* shows there were 390,200 mortgage rate switches completed using product transfer systems during the first quarter of 2018. This represents £53.7bn of mortgage debt.

Aaron Strutt, product director at Trinity Financial, says: “Product transfers typically enable existing mortgage customers to switch onto new rates without providing proof of income again.

“Over the last two years, more of the banks and building societies have been developing systems to make it easier for brokers to switch their clients onto better rates.”

Existing borrowers will probably not qualify for a more competitively priced rate with their existing lender if they have missed any repayments and they will need to prove income again if they want to borrow more money.

Of the total number of product transfers, 203,200 transfers, worth £29.5 billion, were conducted on an advised basis and 187,000 transfers, worth £24.2 billion, were execution-only.

*UK Finance represents nearly 300 of the leading firms providing finance, banking, markets and payment-related services in or from the UK. 

Call Trinity Financial on 020 7016 0790 to secure a product transfer or remortgage