Remortgaging is forecast to grow to £103 billion in 2026 and £110 billion in 2027, while product transfer growth is expected to slow following record volumes in 2025, the Intermediary Mortgage Lenders Association (Imla) reveals.

Product transfers surged in recent years as interest rates rose sharply and affordability became more constrained, but Imla expects that balance to shift as borrowers increasingly regain the ability to switch lender.

Imla says this change reflects a market that is gradually moving out of the most restrictive phase of the interest rate cycle.

It also highlights that ongoing lender innovation and a more proportionate regulatory environment are expanding the range of options available to borrowers approaching the end of fixed-rate deals.

With an estimated 1.8 million borrowers due to roll off fixed rates in 2026, Imla believes the coming period will mark a return to more active refinancing decisions, rather than the default reliance on product transfers seen in recent years.

Imla executive director Kate Davies says: “The re-emergence of remortgaging is a healthy development for the market. While product transfers have played an important role during a period of stretched affordability, they may not always provide the best long-term answer for borrowers whose circumstances have evolved.”

“For many people, a remortgage is a natural opportunity to take stock and reassess their wider financial position. Income, outgoings, family circumstances and future plans can all change in nuanced ways over the life of a mortgage, and it makes sense for those changes to be reflected in the advice and solutions borrowers receive.”

“With affordability improving and lenders continuing to innovate within a robust regulatory framework, many borrowers now stand to benefit from having a professional broker scour the whole market for the most suitable mortgage solution, rather than simply defaulting to another product with their current lender.”