Seamless Mortgage Product Transfers with Expert Guidance

Our mortgage experts guide you through a smooth transfer process, ensuring you secure the ideal product for your financial goals. Maximise your savings today with our tailored solutions.

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What is a product transfer mortgage

What is a product transfer mortgage?

A product transfer mortgage allows you to switch to a different deal with your current lender when your existing mortgage term ends. Rather than remortgaging elsewhere, you simply transfer to a new product, often a fixed-rate, with the same provider.

While convenient, these deals may not offer the most competitive rates. That’s why it’s crucial to consult expert mortgage brokers like us. We’ll ensure you secure the ideal mortgage product by comparing options across lenders, considering your affordability and repayment goals.

Avoid automatically reverting to your lender’s standard variable rate, which tends to be higher and fluctuate unpredictably. Let our advisors guide you through the process of finding the perfect new deal – our service is completely free!

How do product transfer mortgages work?

Switching mortgage products with your current lender seems straightforward, but it lacks flexibility. Your existing provider presents a limited selection of new deals for you to transfer onto when your current term concludes.

Crucially, this ‘product transfer’ requires keeping your mortgage exactly as is – no altering the term length or borrowing additional funds. While convenient since minimal documentation gets requested, this process happens swiftly, potentially too fast. Many homeowners commit without fully weighing if the new fixed rate and early repayment charges genuinely suit their ever-evolving situation.

Moreover, your lender provides zero impartial advice on whether transferring products locally represents the optimal financial decision. Their offered deals may underwhelm compared to superior interest rates available across the wider mortgage market that independent brokers can uncover.

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Benefits of a Mortgage Product Transfer

While remortgaging presents its own merits, a mortgage product transfer often proves the simpler route. Key advantages include:

Minimal paperwork required to switch deals with your current lender.

Little to no fees for the transfer, keeping costs down.

No property valuation needed, saving you that expense.

No legal processes mean zero solicitor fees to pay.

Some providers, like Newcastle Building Society, even reward loyal customers with preferential mortgage rates when transferring products. This perk recognizes your commitment.

However, the convenience of a product transfer can come at the price of suboptimal interest rates. An independent mortgage broker comprehensively compares deals across.

Why speak to a mortgage broker for a product transfer

Why Speak to a Mortgage Broker for a Product Transfer?

While convenient, your lender’s product transfer deals may not offer the most competitive rates available. Missing out on a superior mortgage could cost you thousands over the full term!

Enlisting an independent mortgage broker ensures you explore the entire market for the cheapest, most suitable new deal matching your needs and budget. Our expert advisers work solely for you – not the lenders.

We provide impartial product transfer advice entirely free of charge. There are zero broker fees for our service. Simply book a no-obligation consultation, and we’ll handle securing you the optimal remortgage product, affording complete peace of mind.

However, the convenience of a product transfer can come at the price of suboptimal interest rates. An independent mortgage broker comprehensively compares deals across lenders to ensure you secure the most affordable new mortgage for your circumstances.

Unlock Your Mortgage Savings Potential

Are you ready to maximise your savings and secure the most favorable mortgage terms? Our dedicated team goes above and beyond, scouring the entire market to identify deals that precisely align with your financial goals. Say goodbye to suboptimal rates and embrace a brighter future with expert guidance tailored exclusively for you.

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Product Transfer Mortgage FAQs

A product transfer mortgage can be a convenient option if your circumstances have changed since taking out your original mortgage. For instance, if you’ve recently become self-employed and don’t yet have enough accounts to qualify for a new mortgage, a product transfer could be suitable. It’s usually a quick process with minimal documentation required. Plus, we’ll handle your product transfer free of charge! Depending on the potential savings, we can also explore remortgaging options down the line when you’re ready.

The ideal time to start comparing product transfer deals from your existing lender against the wider market is around 6 months before your current mortgage deal ends. However, don’t commit to any new deals without seeking professional mortgage advice first. We’ve seen costly mistakes made regarding early redemption charges. If we secure you a new remortgage, you can monitor rates and potentially switch to a better deal before your current one expires, as most lenders allow this flexibility.

Some key drawbacks of a product transfer mortgage include:

  • Lenders may pressure you to lock into a deal early without seeking advice.
  • The interest rate offered may not be as competitive as deals available elsewhere.
  • You cannot alter the mortgage term length.
  • The amount you can borrow remains unchanged.
  • You cannot release capital from your property’s equity.
  • The names on the mortgage cannot be changed.
  • Recent home improvements may not be factored into the valuation, meaning you could miss out on better loan-to-value deals.

Typically, very little documentation is required for a product transfer application. If we handle it on your behalf, we’ll likely only need your ID. It’s a simple process. In contrast, for a remortgage, you’ll need to provide 3 months of bank statements, 3 months of income proof, ID, and any additional requested documents. While more effort, remortgaging could save you significantly more money overall. We’ll help you weigh up the potential savings to determine if it’s worthwhile for your situation.