Remortgaging activity in the UK saw a significant increase in the first quarter of 2025, according to new data from L&G’s Ignite platform. Broker searches for remortgage products surged by 34% compared to the previous quarter, which could be linked to the 1.8 million fixed-rate mortgage deals set to mature in 2025.
New Year remortgage bounce
The data reveals a 76% increase in remortgage product searches from brokers acting on behalf of homeowners aged 65 and over. This indicates that many older homeowners are now dealing with mortgage debt close to or into their retirement years.
Other age groups also showed significant increases in remortgage searches. Brokers working with clients in the 41-50 age range saw a 53% rise, followed by those working with 18-30-year-olds (+36%) and 31-40-year-olds (+36%).
Searches for higher LTV products spike
The increase in remortgage searches also saw a rise in higher loan-to-value (LTV) products. Between Q1 2025 and Q4 2024, L&G reported a 60% rise in searches for 91-95% LTV products, with a 56% increase for 86-90% LTV products. This surge may reflect an increase in available product options or the use of home equity to support family members, commonly referred to as the "Bank of Family."
The most common property values searched for on behalf of remortgaging clients fell within the £250,000 to £450,000 range, making up 44% of all searches.
Advice remains key in navigating remortgaging
“Remortgaging can often be overwhelming for consumers, regardless of age, but this is where professional mortgage advice steps in,” said Kevin Roberts, managing director of mortgage services at L&G.
“Although the current geopolitical environment could prompt rate reductions by the Bank of England, many of those remortgaging are still facing higher rates than they are used to. An adviser can guide borrowers through their options, offer access to exclusive deals, and help them make the right choice for their circumstances.”
