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Remortgage Statistics

As a mortgage adviser, you already know that the mortgage market is highly competitive. There are always new deals and offers, and you need to be on top of your game to seize the opportunities that arise. This year, there is a huge opportunity that you cannot afford to miss - remortgages.

According to recent statistics, this year will see 1.4 million mortgages due for remortgaging*. That's a staggering 57% of all mortgages in the UK! If you're not already thinking about how you can tap into this market, you're missing out on a huge opportunity.


Remortgaging is a great way for clients to save money, especially if they're currently on a standard variable rate (SVR). The same statistics show that 27% of mortgage holders are still sat on an SVR, which is typically much higher than other available products, with the average rate around 6.49%. There are many products available fixed below 4%, which can offer a substantial saving.


Let's do some quick maths to show you just how much your clients could save. On a £250k mortgage over 25 years, the difference between a 6.49% SVR and a fixed rate below 4% could be as much as £368 per month, or £4,416 over the year. That's a substantial amount of money that your clients could be saving. And, as a mortgage adviser, you can help them do just that.


So, how can you make sure you're in the best position to take advantage of this opportunity? The answer is simple - be organised. Make sure you're reaching out to your clients early to discuss their remortgaging options. Many advisers at Cityplus book in an annual review with their clients to touch base and review their options. Whilst they are there, they will catch up with clients and also review any existing protection and GI to ensure it is fit for purpose.


Remember, the bank will also be reaching out to your clients, and if you don't get there first, you risk losing them. Many clients will simply go with the first offer they receive, so it's crucial that you touch base with them early to ensure they know all their options.


Make sure you have all the necessary information at your fingertips when you speak to your clients. This includes information on the different types of remortgages available, the pros and cons of each option, and the potential savings they could make.


It's also important to keep in mind that many clients may not be aware of the benefits of remortgaging. They may be hesitant to switch because they're worried about the process or unsure about the costs involved. As an adviser, it's your job to educate them and help them understand why remortgaging is a good option for them.


Finally, make sure you're using all the resources available to you. This includes technology such as utilising the Hometrack Valuations within Smartr365, logging into the lender portal and checking existing loyalty deals and comparing this with a search in Twent7tec. By using these resources, you can quickly and easily provide your clients with the information they need to make an informed decision.


In conclusion, the remortgaging market presents a huge opportunity for mortgage advisers, with 1.4 million mortgages due for remortgaging this year alone. By being organised and proactive, you can seize this opportunity and help your clients save money. Remember, it's important to touch base with existing clients early to avoid the bank getting there first, and to provide them with all the information they need to make an informed decision. With the right approach, you can help your clients secure a better deal and put more money back in their pockets.



sources of information:

* https://www.whatmortgage.co.uk/remortgage/mortgage-repayments-set-to-soar-for-1-4-million-households-in-2023/

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