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Product transfer
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Product transfers
It’s choosing a different product with the same lender. If your current mortgage is with Halifax or Nationwide, you go back to that same lender and see what else they will offer.
A remortgage is when another lender has a better deal and you move your mortgage to them. A product transfer is staying with the same lender on a different mortgage product.
It depends on your existing lender and what they can offer. I contact existing clients three to six months before their deal ends, look at their circumstances — stability for the next five years, or a move within a couple — and compare what their current lender offers against the wider market.
A product transfer is especially useful if income is lower or harder to prove than when the mortgage was taken out. A new lender may not accept a remortgage, but your existing lender may still offer a transfer.
Each lender is different: some allow a transfer three months before your deal ends, others up to six months ahead. When rates are rising quickly, there’s often a rush for both remortgages and product transfers — another reason to start early.
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More questions
A remortgage is means-tested — affordability checks, often a valuation and a solicitor — so it averages around six weeks. A product transfer can often be secured within ten minutes, though it won’t take effect until your current rate ends.
Speed. In most cases the lender won’t require income verification, there are no solicitors involved, and the process is normally quick and simple.
It depends on the lender. If rates keep increasing, a remortgage may well be the better deal. We discuss what you want, research the market and decide which route is best — covering fees and interest rates at the same time.
It depends on the rate and how much you owe. A two-year fix with a product fee often has a lower rate than one without, so paying the fee can be worthwhile — depending on how much you’d save. Each mortgage is different.
There’s no right or wrong answer — it depends on your circumstances and plans, such as moving in the next few years. On a small mortgage of £50–60,000, a product fee can outweigh the benefit of a cheaper rate.
No — another benefit. If a remortgage has been declined due to a poor credit score, a product transfer can be an alternative, as there are no credit checks involved.
Many people forget their fixed rate is ending, so we reach out to see whether a remortgage or product transfer would suit. Consider all the options before deciding.
Part two
Normally the day your current deal ends. If it ends on the last day of February, the new one starts on 1 March — no time on the standard variable rate, and a seamless switch.
It depends on what you pay now and today’s rates. If you fixed two years ago at 5–5.5%, a new deal may reduce your payments. If you fixed for five years at 1.5–2% in 2021, payments are likely to rise.
Rates have been very volatile, so arrange your new product at the earliest opportunity. Secure it three or four months ahead and you’re protected if rates rise — and if they fall, we amend your rate to keep you on the most cost-effective deal. Heads you win, tails you win.
Yes — it’s a good time to do it. A basic product transfer isn’t means-tested: the lender uses an index valuation with no income or affordability checks. Borrowing more, or changing the term, does require income and affordability confirmation.
Yes. If your new rate is a big jump from a low fixed rate, extending the term can make payments more manageable in the short term — though you’ll pay more interest overall. Your lender will check income, outgoings and affordability.
Yes — switching between repayment and interest-only is possible, subject to affordability checks.
Yes, via a transfer of equity — and it’s a good time to do it. Adding or removing a borrower, changing the term, borrowing more or changing repayment type all involve affordability checks, but can all be done at the same time.
Yes. For clients planning to sell, a tracker with no early repayment charges can be a sensible holding position — cheaper than the standard variable rate and free to leave at any time. Be careful with a long fixed deal: if you then sell, you may need to port it or pay a large exit fee.
You would normally move onto the lender’s standard variable rate, which is usually much higher. Securing your new rate early avoids that jump.
Arrange it early and compare options. We check what your current lender will offer against what other lenders offer via a remortgage — and the difference can be significant. One client was offered 4.68% to stay, against 4.14% to remortgage, saving around £30 a month for two years.
Key takeaways
Think carefully before securing other debts against your home.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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