The remortgage race is on, and speed will decide the winners

Remortgaging is set to dominate the mortgage market this year, with an estimated 1.8 million fixed‑rate deals maturing. A wave of refinancing is upon us, putting significant pressure on lenders and brokers alike. Volumes will surge, competition will intensify and borrowers will need more support as they reassess affordability in a higher‑rate environment than the one in which their current deals were secured.

Retention is a key battleground. Lenders are working hard to keep existing borrowers by offering competitive rates and, crucially, by removing friction from the remortgage process using modern digital solutions. Seamless online journeys, faster completion times and reduced administration are making it easier than ever for borrowers to stay put. At first glance, that may appear to narrow the opportunity for brokers.

In reality, it creates a clear advantage for those prepared to move early and move fast. The market’s smartest players will combine traditional broker relationships and advice, with cutting-edge digital tools, cutting days or even weeks off completion times resulting in a strong share of business.

Embrace the technology

The technology that enables lenders to hold on to clients can also be deployed by broker-friendly lenders to win them back. Therefore, aligning with lenders who are investing in broker-focused solutions, rather than simply upgrading their own origination platforms, can be the turning point in that fight.

Hinckley & Rugby Building Society’s partnership with PEXA is a case in point. Available to the whole of market, the service offers a fee-assisted remortgage through Optima Legal, powered by PEXA’s digital platform. Borrowers get an online case-tracking portal, giving them full visibility of progress, while the behind-the-scenes integration between PEXA’s APIs and lender systems connects the moving parts of the remortgage process in real time.

For brokers, that means no more chasing redemption statements, no need to manage Certificate of Title submissions or move funds into holding accounts before completion. The system automates workflow, registration applications and financial settlement, confirming with Land Registry as soon as lodgement and registration are complete. That visibility and automation cuts out duplication, reduces delays and gives brokers and borrowers alike the confidence that the case is moving.

Secure faster completions

Millions of pounds of remortgage business is already being processed through PEXA’s system. The brokers who embrace it are finding the efficiencies translate directly into quicker completions and earlier payment of procuration fees. In a market where speed can mean the difference between winning or losing a case, that advantage is hard to ignore.

Customer uncertainty on affordability remains a constant theme, which is exactly why borrowers are turning to brokers for guidance. LTI changes, rate variations and the drive for value all point towards an environment where clients will listen when a broker can show them a faster, smoother and hopefully cheaper remortgage route. The opportunity is there to reclaim business that might otherwise default to a product transfer out of convenience.

Diving into education

The competitive edge now lies in education and adoption. Brokers who take the time to understand the capabilities of platforms like PEXA and the propositions of lenders who have embraced them will be better placed to offer a compelling alternative. That means presenting clients with a clear case for switching, not only in terms of rate, but also on service, speed and transparency.

The inertia factor is huge, but the rewards for those willing to challenge it are equally significant. By leaning into digital solutions, leveraging lender partnerships and showing clients the real value of a broker-managed remortgage, advisers can win back round and reassert their role in delivering the best outcome.

Laura Sneddon is Head of Sales & Distribution at Hinckley & Rugby for Intermediaries 

For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.