New research shows remortgaging on the rise

February 20, 2025 by Brendan O'Neill

Mortgage Advisors

The latest piece of research by a UK mortgage network shows that the number of people who are choosing to remortgage instead of opting for a product transfer is on the rise.

This research from the PRIMIS network indicates that a significant change may be taking place within the refinancing segment of the market. Product transfers have always been the preferred option for the majority of borrowers, but now remortgages are gaining ground. The advisors that PRIMIS spoke to for its study said that this is something that they are already starting to see.

Two out of every five of them stated this in a survey, saying that they had experienced a distinct rise in the number of clients choosing to move from one lender to another. Furthermore, 93% of advisors told this survey that they expected to be doing more remortgage business during 2025 than they did last year.

Craig Hall from PRIMIS said that he thought the base rate cut by the Bank of England was a major reason for this. Speaking to Mortgage Introducer, he pointed out that:

“We’ve just seen the Bank of England slash the base rate from 4.75% to 4.5% at its first monetary policy committee meeting of the year. That’s driving a real bump in competition, with most lenders rushing to cut their own rates off the back of it.”

Hall concluded by saying that this was making switching more attractive to borrowers.

This news gives some indication of where advisors with CeMAP training will find opportunities during 2025.