Product Transfer Mortgage
Switch to a better deal with a Product Transfer Mortgage.
What is a Product Transfer Mortgage ?
A product transfer mortgage occurs when you opt to stay with your current lender and select a new product, often a fixed-rate option, rather than searching for the best deal elsewhere.
Your existing lender may present product transfer offers through their online portal, mobile app, or by mail. However, it’s a good idea to consult a mortgage broker, like us, to ensure this choice aligns with your personal circumstances and that you’re securing the most competitive rate available.
If you take no action when your current deal ends, your mortgage will automatically switch to your lender’s standard variable rate (SVR), which is typically higher and can fluctuate frequently.
How Do Product Transfer Mortgage Work?
Product transfer mortgages are a quick option, but they may not offer the best rates available on the wider market. Your current lender will provide a selection of new deals for you to choose from.
These transfers are typically “like for like,” meaning you cannot adjust the mortgage term or release equity. Generally, no paperwork is required, but your lender won’t provide advice on whether this is the best choice for your circumstances.
While product transfers can be completed rapidly, this speed can lead clients to accept a new deal without fully considering whether the fixed term or any applicable early repayment charges suit their needs.
Reasons to choose Capital Mortgages and Finance
Get Product Transfer Mortgage Advice 7 days a week.
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You only pay when we deliver the results you need.
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They will guide you through every step of your mortgage journey.
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From start to finish, we stay by your side, leveraging our deep market expertise.
Compare 1000s of Mortgage Deals Effortlessly.
Our advisors analyze options to ensure your product transfer is the best choice.
With 20+ years of experience, you're in trusted hands.
We review countless mortgage products to find the most suitable deal for you.
Why speak to a Mortgage Broker for a Product Transfer?
A mortgage broker can compare deals across the market to ensure that the product transfer offered by your lender is the most cost-effective option available to you, potentially saving you thousands of pounds over the life of your mortgage.
By allowing a professional to handle the product transfer on your behalf, you’ll benefit from expert advice and the reassurance that you’ve secured the best possible deal. Our mortgage team offers this service completely free of charge.
Book a free, no-obligation mortgage consultation today and enjoy the peace of mind that comes with professional guidance. There are no broker fees for our product transfer mortgage advice
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Frequently Asked Questions
A product transfer mortgage is when you decide to stick with your current lender and switch to a new mortgage product, often a fixed rate, without shopping around for other options. This process is typically straightforward, requiring no additional documentation or legal work.
On the other hand, a remortgage involves moving your mortgage to a new lender to secure a better deal. In this case, the new mortgage pays off the old one, and you may have the flexibility to adjust the loan term or raise additional funds. However, you’ll need to provide proof of income and affordability, and legal work is required.
Many lenders now offer fee-free remortgage deals with cashback incentives, which often cover the legal costs, helping to keep the overall expenses low.
The benefits of a product transfer mortgage are that it’s usually quick, and no documents or legal work are required.
A product transfer mortgage is a great option if your personal circumstances have changed since you first took out your mortgage. For example, if you’ve recently become self-employed and don’t yet have enough years of accounts to qualify for a new mortgage, this can be a suitable solution.
We’ll handle your product transfer free of charge!
Depending on how much money we can save you, we can also explore a remortgage option in the future when you’re ready.
The ideal time to start comparing product transfer deals from your current lender and other market options is about six months before your current mortgage deal ends.
It’s important not to lock into any product transfer deals without seeking mortgage advice. We’ve seen clients incur unnecessary costs due to early redemption charges.
If we secure a new remortgage for you, you can monitor rates, and if they drop before your current deal expires, many lenders allow you to switch to a better deal.
We’ll handle your product transfer for free and have access to the same deals as your lender!
The interest rates for product transfer mortgages are often competitive, but you can typically secure an even better rate by allowing a trusted mortgage broker like us to explore options across the market. This could save you thousands of pounds over the lifetime of your mortgage.
Yes, being self-employed typically doesn’t make a difference when it comes to doing a product transfer.
No, there are usually no fees involved with a product transfer mortgage. However, many lenders now provide fee-free remortgage deals with cashback offers that often cover the cost of legal work, making remortgaging a low-cost option as well.
In most cases, you can still do a product transfer mortgage with bad credit, but it depends on the specifics of your credit history. For instance, if you’ve recently missed mortgage payments, your lender may not offer you a new deal.
If you’re exploring remortgage options with bad credit, specialist lenders may provide more flexibility and better solutions tailored to your situation.
Your current mortgage lender will typically provide a straightforward process for switching to a new deal through their online banking portal, mobile app, or by sending you a letter. However, keep in mind that better deals are often available with other lenders.
As part of our remortgage service, we’ll review all your options and recommend the most suitable deal for your needs.
You can speak with one of our experienced mortgage brokers by clicking the button below.
No, you cannot borrow more money with a product transfer. To increase your borrowing, you’d need a further advance with your current lender or consider a second charge mortgage, which might be more cost-effective.
The best option—whether a further advance, second charge, or remortgage—depends on factors like your fixed-rate term, interest rate, property value, and affordability.
Our experienced team can guide you through the process to find the right solution for your needs.
The 7 benefits of a product transfer mortgage are:
1. **Quick Process**: It's a fast and efficient process.
2. **No Legal Work**: No legal work is required.
3. **No Broker Fees**: We don’t charge any broker fees.
4. **No Credit Check**: In most cases, you won’t need to pass a credit check.
5. **No Lending Criteria Assessment**: You won’t be assessed like a new client.
6. **Minimal Paperwork**: Very little paperwork is needed.
7. **Simple Documentation**: Only your ID is usually required.
The 7 disadvantages of a product transfer mortgage are:
1. **Pressure to Lock In Early**: Lenders may push you to lock in before you’ve had the chance to seek advice.
2. **Potentially Higher Interest Rates**: Better deals could be available elsewhere.
3. **Mortgage Term Stays the Same**: You can’t change the length of your mortgage term.
4. **Mortgage Amount Stays the Same**: You cannot increase or decrease the mortgage amount.
5. **No Capital Release**: You can’t release capital for any purpose.
6. **No Name Changes**: You cannot add or remove names from the mortgage.
7. **Home Improvements Not Considered**: Recent improvements won’t be factored into your property valuation, meaning you might miss out on better loan-to-value deals.
