Mortgage industry unmoved by the vast scale of the product transfer market

UK data assessing the product transfer market has recently emerged. However, mortgage professionals took the news completely in stride, not appearing surprised by any of it. More than 50 billion pounds in product transfers has ensued during the first quarter, with more of these transfers being advised on rather than being of an execution only status. proceeding on its present course, this would mean the industry would be worth more than 200 billion in revenues.
by the end of the year.

Mortgage lenders have been witnessing the upsurge in product transfer on the ground floor, hence their lack of surprise. In fact, dealing with product transfers has released a long-anticipated flood of remortgages.

Key Takeaways:

UK Mortgage industry professionals, who have been watching the product transfer market from the front lines are not overly impressed by the new data.
The new data showed that for the first quarter of the year there was approximately 50 billion pounds worth of transfers.
With the trajectory continuing on as begun, it would be reasonable to expect that revenues from the product transfer market will reach 200 billion by the end of the year.

“Paul Broadhead, head of mortgage policy at the Building Societies Association, said that product transfer data wasn’t something that the BSA collected, although the majority of the sector was included in the figures.”