UK brokers report that remortgaging remains the dominant source of activity while purchase demand softens. Bank of England figures cited by Mortgage Strategy show net approvals for house purchase fell from 58,200 in June to 56,100 in July, while remortgage approvals increased. At the same time, major lenders have repriced upwards: Moneyfacts put the average two-year fixed rate at 5.67% and the average five-year fix at 5.72%.
For advisers, this reinforces the value of early refinance engagement, product-transfer comparisons and affordability conversations well before a client’s deal ends. AI-enabled CRM tools could help identify clients approaching maturity, prioritise cases by likely payment shock and prepare tailored review packs, but advisers must validate live pricing, criteria and suitability rather than relying on automated outputs.