Brokers are already report a surge in remortgaging with more to come, according to a new poll from Primis.

For several years product transfers have dominated when it comes to refinancing, but brokers at the mortgage network say remortgage volumes are set to rise significantly in 2025.

The poll carried out by Primis found that two in five advisers were already seeing a ‘noticeable increase’ in customers switching lender.

And 93% said they expect to see higher remortgage volumes over the coming year.

Primis director of strategice partnerships Craig Hall said: “We’ve just seen the Bank of England slash the base rate from 4.75% to 4.5% at its first monetary policy committee meeting of the year.

“That’s driving a real bump in competition, with most lenders rushing to cut their own rates off the back of it.

“Switching to a new lender could be a better solution than sticking with their existing lender.”

According to data published by UK Finance, in Q2 2023 some 84% of remortgagors remained with their current lender instead of moving elsewhere.

As two-year terms mature, 38% of brokers polled by Primis reported that customers were opting to switch to a new lender, having now adjusted to higher monthly repayments.

Those coming of five-year fixed rates, meanwhile, are still likely to see their monthly repayments go up significantly.

Hall added: “While product transfers do mean it’s possible to switch to a new deal without a full reunderwrite, many lenders don’t allow for any change in term or switching to part and part or interest-only temporarily.

“For many borrowers facing a big step up in repayments, that could mean extending their term to absorb those higher costs.”