Remortgage activity surges 34% in Q1 as 1.8 million fixed rates mature

New data from L&G’s Ignite platform shows a significant increase in remortgaging activity in the UK housing market in the first quarter of this year.

The latest figures for Q1 2025 show that broker searches for remortgaging products have increased by 34% since Q4 2024 – a large uptick that may have been driven by the 1.8 million fixed rate mortgage deals that are set to mature in 2025. 

The data highlights a 76% increase in brokers searching for remortgage products for those aged 65 and over, suggesting that many older homeowners are now paying mortgage debt close to or through retirement.

Remortgage product searches for the 41-50-year-olds age group increased by 53%, which was closely followed by 18-30-year-olds (36%) and 31-40-year-olds (36%).

Between Q1 2025 and Q4 2024, L&G saw a 60% increase in searches for 91-95% LTV products and a 56% rise in searches for 86-90% LTV products. Several factors may have driven this increase such as more product options or buyers using equity to support loved ones via the Bank of Family. The most common property values searched for on behalf of remortgaging customers fell into the £250,000 - £450,000 range, which accounted for 44% of all searches.

Kevin Roberts, managing director of L&G Mortgage Services, commented: “Remortgaging can often be overwhelming for consumers, regardless of age, but this is where professional mortgage advice steps in. Although the current geopolitical environment could prompt rate reductions by the Bank of England, many of those remortgaging are still facing higher rates than they are used to. An adviser can guide borrowers through their options, offer access to exclusive deals, and help them make the right choice for their circumstances.”