Advisers pursued more focused client activity in protection and retirement during the second quarter, while the mortgage market settled after a sustained wave of refinancing, according to Iress.

The financial technology company’s Q2 Sourcing Data Insights report found that mortgage conditions were considerably calmer following the volatility earlier in the year.

Protection applications remained resilient as advisers concentrated on higher-intent business, while favourable rates helped annuity demand reach record levels.

MORTGAGE PRODUCTS REMAIN AVAILABLE FOR LONGER

The average shelf life of a mortgage product rose from eight days in early April to 15 days in June, following months of rapid repricing and product withdrawals.

Iress said the improvement had given advisers greater certainty while handling demand from borrowers refinancing at the end of fixed-rate deals.

Residential product choice approached record levels in June as lenders competed for refinancing business. Two-year fixed-rate products also continued to gain popularity because their rates remained below those of equivalent five-year deals.

PROTECTION APPLICATIONS PROVE RESILIENT

Iress said protection application volumes and conversion rates had remained firm, suggesting advisers were prioritising committed client cases over speculative product research.

Enhancements to the company’s sourcing technology saved advisers an estimated 182 working days of administration during the first half of 2026, according to the report.

Mortgage activity remained the strongest catalyst for protection discussions, underlining the close relationship between the two areas of advice.

ANNUITY DEMAND REACHES RECORD LEVEL

Annuity demand remained strong throughout the quarter, with June producing the highest monthly volume recorded by Iress.

Elevated gilt yields continued to support attractive annuity rates, prompting advisers and clients to reconsider guaranteed retirement income.

Equity release activity remained subdued in the high-rate environment. However, Iress said increased industry discussion about the role of housing wealth in retirement planning offered grounds for cautious longer-term optimism.

Jennifer Rafferty, managing director for sourcing at Iress, said: “What stands out from this quarter isn’t necessarily the volume of activity, but the quality of it. Across mortgages, protection and retirement, we are seeing advisers have more focused conversations with clients and helping them make decisions with greater confidence.

“In mortgages, the return of greater market stability has allowed advisers to concentrate on supporting the ongoing refinancing wave. In protection, we continue to see strong application levels, with data suggesting advisers are spending more time on committed client outcomes rather than broad product searches.

“Meanwhile, continued demand for annuities reflects advisers responding to favourable market conditions and helping clients lock in certainty where it matters most.

“Taken together, the data suggests advice firms are becoming increasingly efficient, using technology and market insight to spend more time with clients and less time on administration. As the market continues to evolve, that ability to combine efficiency with high-quality advice will become an increasingly important differentiator.”