Once upon a time, Mr and Miss Typical met, got married, bought a starter house with a mortgage from the local building society based on Mr’s income from his job-for-life, and had 2.4 children. They moved up the housing ladder two or three times, paid off the mortgage after 25 years, and retired 10 years later on a final salary pension.

Product transfers (PTs) have dominated the mortgage refinance landscape in recent years as higher and rising interest rates made affordability calculations more challenging. As straightforward PTs do not require an affordability check they became the default choice for many borrowers reaching the end of their fixed term mortgage and needing a new deal.

So, this is almost Christmas, and what have we done?

Probably for most, the annual board report addressing Consumer Duty was a snapshot piece of work that may or may not have highlighted areas where there were potential gaps and shortfalls.