Product Transfer

Trends covering the refinancing of mortgages through internal product switching with the same member.

Latest data (published 21/02/2020)

UK Finance’s figures on mortgage product transfers for the fourth quarter of 2019 reveal:

  • 1,195,200 homeowners switched product with their existing provider during 2019 (1.4 per cent more than in 2018), representing £167.4 billion of mortgage borrowing refinanced internally. Of the total, 662,700 transfers (6.9 per cent more than in 2018), worth £97.0 billion, were conducted on an advised basis and 532,400 (4.8 per cent fewer than in 2018), worth £70.4 billion, were on an execution-only basis.
  • In the final quarter of 2019, there were 309,300 product transfers, a decrease of 4.6 per cent year-on-year. Of these, 166,700 were advised and 142,600 were execution-only.
  • By value, Q4 product transfers represented £44.3 billion of mortgage borrowing, a decrease of 1.5 per cent year-on-year. Of these, £25.2 billion was advised and £19.2 billion was execution-only.
  • Internal product switching does not feature in mortgage market data for gross lending or remortgaging, which involves homeowners changing to an alternate provider.


  1. UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.
  2. UK Finance published industry figures on mortgage product transfers for the first time in July 2018. These previous figures and the accompanying Q&A can be found here. UK Finance plans to publish product transfer figures on a quarterly basis on its website.
  3. The data shown is for first charge homeowner mortgages only, and excludes buy-to-let. Figures are reported by UK Finance mortgage members accounting for approximately 90 per cent of residential balances outstanding and presented here on a grossed-up basis from that sample to reflect total market size.
  4. Product transfers are transactions where the borrower moves to a new deal rate with the same lender, without changing any other terms of the mortgage that would trigger a new Regulated Mortgage Contract (RMC). These transactions do not feature in any mortgage lending figures published by either the Bank of England or the Financial Conduct Authority (FCA).
  5. Please note that Product Transfer Figures are being incorporated into the Household Finance Review, to provide a greater level of insight and analysis on the financial behaviour of households using data covering the whole market. The next Household Finance Review for Q4 2019 is due to be published on 5 March 2020