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Remortgages and Product Transfers: how you can help your customers save in 2021

With the uncertainty around current restrictions, some of your customers might be putting their 2021 home buying plans on the back burner.

However, the current circumstances also mean your customers may need your support now more than ever. And there are still plenty of opportunities available for intermediaries to do business. Here, our National Intermediary Distribution Manager, Karen Bowman, explores how remortgages and product transfers could be an attractive prospect for intermediaries and their customers.


“With industry data* showing £183.2bn of mortgages maturing in 2021, remortgages are possibly one of the biggest opportunities for intermediaries at this time. We’ve therefore refreshed our product range and introduced products which could save your customers significant sums when compared with the market average reversion rate. For example, our 1.70% five year fixed rate mortgage, available at up to 75% LTV (loan to value). According to our analysis, a homeowner with average outstanding capital on the industry average reversion rate could save £1,180** a year – or £5,900 over five years – by making use of our latest fixed rate deal.

“The feedback we’ve been receiving from intermediaries across the country shows remortgages are currently accounting for a large proportion of their business. Reports from the market support this view.

“Some customers are finding that they have more time on their hands at the moment, so they’re taking the opportunity to review their finances and look at their options. Plus, virtual valuation options are potentially making remortgages easier to navigate than a purchase mortgage application.

“On top of this, our new Mortgage Hub makes it easier than ever to create cases with us. It’s been great to hear so much positive feedback from intermediaries about the platform.

“It’s still important to remember that your customer will need to prove their financial circumstances as part of the remortgage application process. So remortgaging may not be the right option if their finances have been negatively impacted by the pandemic.”
Our current lending criteria for all remortgages can be found on our dedicated coronavirus page.

Product transfers

“Similarly, product transfers may offer a simpler way for your customer to get a better deal and save money as a result.

“We have a number of options available, and our product transfer range is also available for clients currently on a payment holiday (also known as a payment deferral). It’s a good idea to assess the market before pursuing a product transfer for your customer, as you’ll need to justify why it’s the right option for them.”

Get in touch

“Regardless of your customer’s circumstances, we’re here to help. If you want to talk about a specific case or discuss the market in general, the best thing to do is pick up the phone and give your BDM a call. You can also speak to one of our head office BDMs by using our Broker Chat facility on the right-hand side of our website.”

For all the latest information about our response to coronavirus, please check our dedicated page.

This article is intended as a summary and for information only. It does not constitute legal or financial advice given by Leeds Building Society.


* Residential mortgage maturity data from CACI’s MMDB.

** Illustrative example comparing a £150,000 loan with a reversion rate of 3.28% over a remaining mortgage term of 20 years with an LTV of 75%, using data from CACI combined with Leeds Building Society internal calculations.

Please note: