Principality Building Society has seen a growth in retention in line with nationwide rise in remortgage decisions due to recent Bank of England (BoE) rate decreases and increased competition.
Data from Principality showed a 6% increase in retention volume since 2022, surpassing market averages in retention value in 2023 and 2024.
In England, retention volume and value increased yearly across regions including the North-East, North-West, Yorkshire and Humberside, and East of England.
In Wales, Principality exceeded market averages for retention volume and value over the last two years.
In 2024, Principality maintained market averages in retention value for brokers in six of the 12 months, and saw a 1.5% increase in retention volume compared to 2023.
Helen Lewis, national account manager at Principality, said: “We’re keen to engage our registered brokers with our product transfer ranges and make sure they are the first to know our latest deals.
“We know it’s important that they retain their relationship with our customers to get the best mortgage for them which is why we encourage our customers to contact them.
“We’re delighted with our outcomes in 2024 and aim to build on that in 2025.”
