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We can help you switch to a new deal and avoid paying the higher Standard Variable Rate when your current deal ends!
A Product Transfer Mortgage may be offered by your lender when your current mortgage deal is coming to an end. Most lenders offer an initial introductory deal, such as a fixed or discounted interest rate, after which the mortgage would normally revert to the lender’s higher Standard Variable Rate.
Many lenders are now offering competitive deals for existing customers in order to retain your business and prevent you remortgaging away to another lender. There are some pros and cons to look out for. Please see below.
No, we do not charge fees for mortgage product transfers. There may be a product fee payable to your lender, depending on the mortgage chosen.
Many lenders will offer a new product transfer mortgage up to 6 months before your current rate ends. This way you can lock in a new deal early before interest rates rise further. This does vary between lenders so please check with us first.
Most lenders will apply an indexed valuation to your property. This may not be beneficial if you have carried out home improvements since you took out your current mortgage. Some lenders may allow you to instruct a new physical valuation, but there may be an additional cost for this.
Yes, as long as you are not in arrears with your mortgage payments, you are not porting your mortgage to a new property or have not applied for extra borrowing or consent to let your property.
This depends on your circumstances and the size of your mortgage. Typically, bigger mortgages will benefit from the lower interest rate with the product fee. We will carry out a cost analysis and recommend the cheapest product for you.
When comparing product transfer mortgage rates, we will also look at the wider market. If there is a better product available from another lender, we will tell you so you can make an informed choice.
Please call us on 07801 710996 or complete our contact form on this page. We will take a few details from you so we can retrieve your mortgage information from your lender. We will then come back to you with available products and advise the best deal for you. We complete the product transfer for you, so there is nothing further for you to do. We will then send you some paperwork to confirm our recommendation and to comply with our regulatory obligations.
Your new product transfer mortgage deal will usually start when your current rate ends. If the new interest rate is lower than the current interest rate you are on, some lenders will transfer your deal early so you can benefit sooner from the lower payments.
Your new product transfer mortgage rate is locked in once you accept your new mortgage offer. If interest rates subsequently go up, you will still benefit from the ‘locked in’ rate. Many lenders will allow us to cancel the new deal and reapply for a new product if they reduce their interest rates before your new deal is due to start. You cannot normally cancel a mortgage product transfer application if you subsequently decide to remortgage after the new offer has been accepted.
Yes, we will review your mortgage again when you are within 6 months of your new deal ending, so as to keep you on the best rate available. Of course, should you decide to move home or borrow more money, we would be happy to help.
We can arrange your Product Transfer Mortgage quickly and easily. There are no broker fees payable for our mortgage product transfer services.
Your lender can only advise on their own products, whereas we are independent and can advise on mortgages from across the whole market.
The following pages show a selection of current product transfer mortgage rates offered by these lenders.
You can switch your own mortgage deal online, or speak with one of your lender’s advisers directly. If you switch online, without advice, you could lose some FCA protections and may not be able to seek redress if the product you chose is unsuitable. Your lender can only advise on their own products.