According to the latest data released by UK Finance, 311,400 homeowners switched product with their existing provider in the third quarter of 2019 which represented an increase of 7.5 per cent in product transfer business year-on-year. Out of the total 56.5% were on an advised basis and 43.5% were on an execution-only basis.
The total value of product transfer business represented £43.5 billion of mortgage borrowing, an increase of 12.8 per cent year-on-year. This volume of lending does not feature in mortgage market data for gross lending or remortgaging, which involves switching to an alternate provider.
