Remortgage volumes are expected to rise to £110bn by 2027, after £93bn was reached in 2025, the Intermediary Mortgage Lenders Association (IMLA) has revealed.

The association’s latest New Normal 2026/27 report stated that remortgaging is set to reassert itself as the dominant refinancing route over the next two years, as affordability and easing market conditions expand borrowers’ options beyond simple product transfers.

IMLA said that while product transfers had surged in recent years as interest rates rose sharply and affordability became more constrained, it expects the balance to shift as borrowers increasingly regain the ability to switch lender.

Remortgaging is forecast to grow to £103bn and £110bn in 2026 and 2027, respectively, while product transfer growth is expected to slow, after record volumes were reached in 2025.

Alongside affordability criteria being met by borrowers as mortgage rates drop, IMLA said that ongoing innovation and a more proportionate regulatory environment are expanding the range of options available to borrowers approaching the end of fixed-rate deals.

An estimated 1.8 million borrowers are set to come to the end of their fixed deals in 2026 and IMLA believes that the coming period will mark a return to more active refinancing decisions, rather than the default reliance on product transfers seen in recent years.

Furthermore, the association stated that intermediaries are expected to remain central to this shift, as the broker channel continues to account for close to nine in 10 mortgage transactions.

It said that this reflects the growing value of professional advice in a market where borrowers’ needs and circumstances are increasingly diverse and can change significantly over time.

Executive director at IMLA, Kate Davies, described the re-emergence of remortgaging as a "healthy development for the market".

She concluded: "While product transfers have played an important role during a period of stretched affordability, they may not always provide the best long-term answer for borrowers whose circumstances have evolved.

"For many people, a remortgage is a natural opportunity to take stock and reassess their wider financial position. Income, outgoings, family circumstances and future plans can all change in nuanced ways over the life of a mortgage, and it makes sense for those changes to be reflected in the advice and solutions borrowers receive.

"With affordability improving and lenders continuing to innovate within a robust regulatory framework, many borrowers now stand to benefit from having a professional broker scour the whole market for the most suitable mortgage solution, rather than simply defaulting to another product with their current lender."

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