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Figures from the banking industry’s body UK Finance show the number of customers sticking with their bank or building society when their mortgage rates expire. 

During 2018 a total of 1,189,100 homeowners stayed with their mortgage lender when they offered them a new deal, representing £158.7 billion of mortgage debt refinanced internally. Of this total number, 624,900 transfers, worth £85.7 billion, were conducted through a mortgage adviser and 564,300 transfers, worth £73 billion, were completed by the customer directly. 

Over the last three years, more of the lenders have started to offer product transfer rates through mortgage brokers, and the number of customers remortgaging to other providers has dropped. 

Aaron Strutt, product director at Trinity Financial, says: Most of the mortgage lenders offer product transfer rates to borrowers when they come to the end of their fixed or tracker rates. This is on the condition they do not want to raise more money or make any other significant changes.  

If your mortgage rate is coming to an end it is important to ensure you are getting the best deal, particularly if you are looking for a larger mortgage loan. We regularly speak to clients who have wanted to borrow more money, often for home improvements or for debt consolidation, but they have not qualified with their lender. 

With such large numbers of customers opting to stick with their lenders, it is well worth ensuring you are getting the best deal. Trinity’s brokers research the market for our clients and make sure there’s is not a rival lender offer a lower fixed or tracker rate. 

During quarter four on 2018, 331,500 homeowners switched mortgage products with their existing provider. By value, this represents £46.1 billion of mortgage debt refinanced internally.  

These product transfer figures do not feature in any market data on remortgaging, or other published gross mortgage lending data. They also do not include buy-to-let let data. 

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

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