UK Finance has released figures on mortgage product transfers for the second quarter of 2018.
A total of 385,400 homeowners switched mortgage products with their existing bank or building society in the second quarter of 2018. This figure was marginally down from 390,200 in the first quarter of this year.
Of the total number of product transfers, 210,300 transfers, worth £31.2 billion, were conducted on an advised basis and 175,100 transfers, worth £22.6 billion, were execution-only.
Aaron Strutt, product director at Trinity Financial, says: “These figures show that product transfers are still incredibly popular with borrowers switching deals when their mortgages expire.
“If you are approaching the end of your mortgage it is worth finding out the rates your lender is offering you to stay around four months in advance. You can then assess the market to find out if any of the other lenders are offering better deals.”
NatWest potentially offering better transfer rates via brokers
In some cases, mortgage lenders are offering better rates to clients when they complete a product through a broker.
Trinity recently arranged a product transfer for one client who wanted a competitively priced two-year fix. Our broker secured him a rate that was 0.35% lower than the mortgage NatWest offered him.
Call Trinity Financial on 020 7016 0790 to arrange mortgage product transfer