Remortgage activity rose by 34% in Q1 2025 compared to the end of last year, according to data from L&G’s Ignite platform.
The increase came as 1.8 million fixed-rate mortgage deals were due to mature in 2025.
The research found a 76% increase in broker searches for remortgage products for customers aged 65 and over, showing more older homeowners are dealing with mortgage debt into retirement.
Searches for those aged 41 to 50 went up by 53%, while the 18 to 30 and 31 to 40 age groups both saw a 36% rise.
There was a 14% increase for 51 to 55-year-olds and a 1% increase for those aged 56 to 65.
Additionally, data revealed that searches for remortgage products with higher loan-to-value (LTV) ratios also went up.
There was a 60% increase in searches for 91% to 95% LTV products and a 56% rise for 86% to 90% LTV products.
The most common property value searched for by remortgaging customers was between £250,000 and £450,000, making up 44% of searches.
Kevin Roberts, managing director, mortgage services at L&G, said: “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.”
