Product Transfers

A product transfer allows you to switch to a different mortgage rate or type with your current lender, such as a tracker, fixed-rate, or discounted rate, without raising additional funds.

Remortgaging, involves either moving to a new lender or renegotiating your mortgage with your current lender, often to release equity from your property.

Product transfers can be a cost-effective option, and the fees vary depending on the lender, some lenders offer deals without any arrangement fees

A product transfer with your current lender does not require the services of a conveyancer or solicitor, as it involves no additional legal work.

While it may be possible to arrange a product transfer directly with some lenders, working with a broker can provide you with reassurance that you are choosing the best option for your circumstances. Mortgage brokers also can streamline the process and help with any queries you may have.

Not all lenders offer product transfers. Some operate exclusively through intermediaries (mortgage brokers) and may only permit a product transfer under the guidance of an advisor.

Yes, a product transfer can be declined, primarily due to credit issues or affordability. However, for existing customers, many lenders may forego further affordability checks.

Product transfers are generally swift, often completed within a couple of weeks. This process is quicker than a traditional remortgage as it requires fewer documents, no new mortgage valuation, and no conveyancing solicitor.

For a product transfer, lenders typically do not conduct additional credit checks. If you are concerned about your credit history you can obtain a free credit report from Check My File.

In most cases, income verification is not necessary for a product transfer with your existing lender.

A new property valuation is not required for a product transfer; lenders will refer to the original valuation.

Lenders often allow you to secure a new rate up to six months before your current mortgage term ends, ensuring you can benefit from lower rates without waiting for your current deal to expire. However, exiting your mortgage deal early to transfer products is generally not advisable due to potential early repayment charges.