The number of UK homeowners who switched product with their existing provider was 1.7% lower than seen in 2018 according to the latest data from UK Finance.
This represents £39.2bn of mortgage debt refinanced internally which is a 2.1% year-on-year increase.
Ray Boulger, senior mortgage technical manager at John Charcoal, said: “These figures are entirely predictable.
“One of the issues with product transfers for consumers is that although it is a much easier process than remortgaging, both processes need to be considered. Many find that despite the fact that product transfers are not the cheapest option, it is cheap enough to be a viable alternative.
“There is not enough awareness of available options, so advice on this area is important. It is sensible to look at all options available.”
Of the total number of product transfers in Q1 2019 161,100 were on an advised basis, whilst 128,900 were conducted on an execution-only basis.
These figures represent an 8.6% year-on-year increase and 12.1% decrease respectively.