Approvals for remortgaging with a different lender also fell.

The product features £750 cashback, paid directly to customers on completion.

Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, discusses the recent expansion of its remortgage service, powered by PEXA, to all...

Five-year fixed rate remortgage products have seen the largest rate reductions.

The partnership enables all brokers to access Hinckley & Rugby for Intermediaries’ fee-assisted remortgage service, delivered by Optima Legal and powered by PEXA.

Brokers can now access the reduced £299 remortgage fee on all core holiday let products. 

Sinclair also urged brokers to take advantage of a once-in-a-decade remortgage opportunity this year.

Higher-LTV fixed rates have seen the largest reductions.

The service completes the legal work by the time the offer is issued and offers next day completions in many cases.

High-LTV products have seen the largest rate reductions.