Making more possible for Product Transfer clients

With the recent decreases in the Bank of England base rate and more competition in the market, some mortgage brokers are reporting an upturn in re-mortgage decisions by borrowers*. 

We have worked closely with brokers to help clients reach the end of their term with our Product Transfer offering.

As a result, in the last 3 years, we have seen a year-on-year improvement in our percentage of retention volume and value.

CACI Product Transfer Data

CACI data** shows that our retention volume has improved by 6% since 2022. In value terms, we exceeded the rest of the market retention value average in both 2023 and 2024.

In 2024, the Society surpassed the rest of the market monthly volume retention in 5 of the 9 months of available data.  

In England, we have seen year on year increases in both retention volume and value in the North-East, North-West, Yorkshire and Humberside and East of England regions.

Not surprisingly, in the last two years, we have also exceeded the rest of the market volume and value retention averages in Wales.

How we're supporting brokers

In recent months, Principality Intermediaries re-organised its Business Development Team to commit more resources to servicing brokers for both new and product transfer business. 

In 2024, we exceeded the rest of market averages in 6 of the 12 months in retention value for the broker channel. For volume, we maintained this achievement in 2023, exceeding the rest of the market average for 5 of the 12 months, and saw a 1.5% increase in its retention volume. Alongside this, we have:

• Made it easier for brokers to re-commit at the end of their client’s fixed term, by regularly offering competitve rates to current borrowers

• Ensured our standard retention range has no legal fees or underwriting considerations which can make it a more appealing option than re-mortgage 

• Recognised the growth in brokers’ share of the product transfer market*** and to maintain the link between their borrower and their mortgage broker, we refer a customer back to their broker six months and three months ahead of their fixed term end

• Provided brokers a quick and easy transfer experience using MSO

• Maintained the six-month window which is providing customers with an early opportunity to switch their mortgage deal and plenty of time to consider their mortgage options at the end of their fixed term. Customers can request a better like for like deal right up until two weeks before the new term starts, if one is available. 

A word from our National Account Manager, Helen Lewis

“We’re keen to engage our registered brokers with our product transfer ranges and make sure they are the first to know our latest deals. We know it’s important that they retain their relationship with our customers to get the best mortgage for them which is why we encourage our customers to contact them. We’re delighted with our outcomes in 2024 and aim to build on that in 2025.” 

For information on how Principality Intermediaries can help support you get in touch with your local BDM or contact our broker support team on 0330 333 4021. 

*Remortgage set for ‘real recovery’ this year | PRIMIS Mortgage Network

** CACI Residential Mortgage Retention Update (volume and value) Principality BS December 2024 CACI Retail Finance Benchmarking

*** Cover feature: Retaining market share – Mortgage Strategy