Product Transfers

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If you qualify for a mortgage product transfer, you should be able to transfer your current mortgage onto a better deal with your current lender. You might have noticed your current lender advertise a new rate or a deal with lower fees or a cashback incentive and that can be a good reason for you to ask about transferring your mortgage. 

It’s not uncommon for homeowners to investigate transferring their mortgage toward the end of their current contract’s fixed rate period. If your fixed rate is about to end, you’ll likely roll onto your lender’s standard variable rate and that’s usually higher than the fixed rate. To avoid paying more, you might ask your lender what other deals they have and switch onto one of those. 

Reasons to transfer your mortgage product rather than switch to a new lender

• Less paperwork
• Less stages of the process
• Fewer people involved
• Often no credit check
• Fewer fees
• No need for a new property valuation
• If your current mortgage deal includes early repayment charges, you wouldn’t have to pay them when transferring to the same lender
• Could reduce monthly repayments by going from your lender’s standard variable rate to a fixed-rate mortgage

Usually, this type of mortgage is for anyone who is either coming to the end of their initial mortgage period or who is already on the lenders standard variable rate. However, there are other circumstances which suit a remortgage, such as removing a named party from the mortgage (transfer of equity).

We will search the market to find you the best lender and rate for your circumstances. We will consider your circumstances, your objectives and things like early repayment charges, legal fees, valuation fees etc.

You may be looking to borrow additional funds  - for example, home improvements, high value items, a new car, or raise funds to purchase another property

Or you may be looking to consolidate your debts, but you should bear in mind that it’s not always the cheapest way to borrow money. There are lots of factors to consider, such as securing your debt against your property vs. the impact of having unsecured debt; as well as comparing the benefits of borrowing money over a long term vs. borrowing money over a shorter term.

You can consider staying with your existing lender and raising money through them – this is called a “Further Advance” - or remortgaging to another lender