Proprietary data from L&G’s Ignite platform shows a ‘significant increase’ in remortgaging activity from Q4 in 2024 to Q1 2025, with a 76% rise in searches by over 65s.
Broker searches for remortgaging products have increased by 34% overall, which L&G believes is driven by the 1.8 million fixed-rate mortgage deals set to mature in 2025. The data indicates many homeowners will be paying mortgage debt in retirement, L&G says.
Remortgage product searches for the 41-50 age group increased by 53%, which was closely followed by the 18-30 and 31-40 age groups, both of which increased by 36%. Searches dropped for the 51-55 age group, at 14%, and there was only a slight change for the 56-65 group, with a 1% increase.
L&G reports a spike in searches for higher loan-to-value (LTV) products, with the sub-50% LTV category making up 31% of all mortgage searches. Between Q4 2024 and Q1 2025, 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 company said. 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 mortgage services at L&G 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.”
