Product transfer mortgages
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Product transfer mortgages
There’s going to come a time when your fixed rate mortgage comes to end. Unless you want to be faced with skyhigh rates going forward, you need to take action before that day comes. A lot of homeowners think about their mortgage coming to an end and instantly dread the idea of paperwork, applications and comparing a seemingly endless sea of lenders. Life is busy, and finding the time to navigate the administration side of the mortgage isn’t easy. But, we have some good news. You don’t always need to switch lenders to secure a great new deal. You might be able to refresh your rate with your current lender with a quick, hassle-free option called a product transfer.
At Everest Mortgage, we understand the stress that comes with trying to understand mortgages, so we don’t overcomplicate things. We’ll help you to find a product transfer mortgage with your existing lender, giving you a quick, easy and cost-effective way to secure a better rate
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How does a product transfer mortgage work?
A product transfer mortgage is when you renew or switch mortgage deals with your current lender, instead of moving to a new lender. This is likely to be something you consider if
your fixed or introductory rate is ending, you want to avoid your lender’s standard variable rate (SVR) and you want to keep things simple. You might also consider a product transfer mortgage if your circumstances have changed – for example, your income has dropped or you’ve recently gone self-employed – and you don’t want to go through a whole host of affordability checks.
The process of getting a product transfer mortgage is usually very straightforward, especially if you work with a mortgage broker like Everest Mortgages.
- Your lender will usually contact you near the end of your deal with new rate options.
- You can choose a new fixed or variable rate product, and you’ll probably have a few to choose from.
- You accept the new product and confirm everything with your lender, and your mortgage automatically switches.
- Your mortgage payments will continue as normal, but at the new rate.
Who can get a product transfer mortgage?
You can get a product transfer mortgage if you already have a mortgage with a lender, your current deal is ending soon, you’re not moving home and you don’t want to change the mortgage term or borrow more.
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Product transfer mortgages have a lot to offer
There are a lot of mortgage and remortgage options out there, but few are as simple and stress-free as product transfer mortgages. When you stick with your current lender and choose a product transfer mortgage, you benefit in a number of ways.
- You’ll have access to competitive mortgage rates, with some lenders even giving existing customers better rates than new customers.
- Applying for a product transfer mortgage is quick, easy and there’s very little paperwork involved. This is because you’re not borrowing more money or changing the terms of your mortgage.
- If your mortgage terms stay the same, you don’t have to worry about an affordability assessment. This also means there’s no mark left on your credit report.
- Compared to remortgaging, there are fewer fees to pay with a product transfer mortgage. This includes not having to pay an exit fee, as you’re staying with your existing lender.
Things to consider before choosing a product transfer mortgage
Before you jump into a product transfer mortgage, there are a few things to consider. Though these are unlikely to deter you, it’s important to be fully informed, as product transfer mortgages don’t suit everyone.
- You can only choose from your lender’s mortgage products, which could mean you’re somewhat limited.
- If you want to borrow more in the form of a further advance, you’ll have to undergo affordability checks, which can complicate things.
- As you have to stay with your current lender, you might not be getting the best rates in the market.
- If you want to change your mortgage terms – for example, if you want to extend the length of the mortgage – you might have to undergo affordability checks.
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When a product transfer mortgage makes sense
A product transfer can be a smart move in several situations, especially if you’re looking for simplicity, speed and a way to avoid mortgage stress.
If you’re happy with your current lender
If you’re happy with your current lender – for example, they’ve offered a good service and have previously offered you competitive deals – you might want to stick with them, and doing so can feel like the easiest and safest option.
If you want a quick, hassle-free switch
Unlike a full remortgage, a product transfer doesn’t typically involve legal work, property valuations or lengthy paperwork. If you’re short on time or you simply want a smooth transition to a new mortgage product, this is a convenient way to handle things.
If your income or circumstances have changed
If you’ve recently changed your job, started self-employment, are on maternity leave or your income has reduced, a product transfer mortgage may be easier. Lenders don’t usually require a full affordability assessment if you’re not changing the loan amount or term, and therefore a drop in your income won’t have an impact.
If you want to avoid extra costs
Product transfers mortgages usually come with fewer fees, compared to remortgaging. There are no solicitors to pay, no valuation fees to cover and no exit fees for switching to another lender. It’s a cost-effective option if you want to keep costs low.
At Everest Mortgages, we don’t just help you tick a box and renew your deal, we guide you through the product transfer mortgage process. Our expert advisors take the time to understand your financial goals, compare your current lender’s offer against the wider market, and make sure a product transfer truly works in your favour.
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John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.
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FAQs
Frequently asked questions
Can I borrow more when I’m applying for a product transfer mortgage?
No, not without undergoing affordability checks. If you want to borrow more, you need to apply for a further advance or a full remortgage.
When should I start looking at product transfer mortgage deals?
It’s best not to leave things until the last minute, as you could find yourself stressed and scrambling around trying to get everything organised. It’s best to speak to a mortgage broker as soon as you can, at least a few months before your current mortgage deal expires.
Will my monthly payment change after a product transfer?
It depends on the new interest rate and mortgage terms. If the rate is lower, your payments may drop. If the rate is higher, they could increase.