Head of Content
Mortgage Advisor & Director
What is a mortgage product transfer?
A product transfer is where you transfer your existing mortgage to another deal offered by your current lender.
Depending on your situation, this can present a useful alternative to remortgaging with another provider. We've helped many people like you to decide whether a product transfer or remortgage is best.
Our team of experienced advisors have whole-of-market access to the most competitive deals available. If you're keen to get started, complete our simple online form today and one of our team will be in touch. To learn more about mortgage product transfers, carry on reading.
When would a product transfer be beneficial?
If you are on the Standard Variable Rate (SVR) with your current lender, it is probably beneficial to look at their other deals.
Assuming you stick with the same loan amount, a product transfer to another mortgage with the same lender can be arranged relatively quickly.
What is the mortgage product transfer process?
As you are not moving home and are staying with the same lender, the mortgage product transfer can be very straightforward.
A formal valuation is not typically needed, although some may require an affordability and credit check. You will be issued a mortgage product transfer to sign, and the whole process can be completed remotely online or over the phone in less than a week.
What are the fees for mortgage product transfers?
You may incur fees for switching your mortgage, even if you stay with your current provider.
Mortgage product transfer fees vary between lenders, and in some situations might mean paying more than moving to another provider. In this case, it would make sense to consider remortgaging with an alternative lender. If you've decided to move lenders, be aware that this will be a more involved process than switching mortgage products with your current provider.
Product transfer benefits
A product transfer is a simple switching of different mortgages with your current provider.
If you wanted to borrow more from your existing lender, this would be a 'further advance'. Further advances can be a little more involved than a straightforward product transfer, learn more here.
Product transfers typically:
- Are more straightforward in terms of paperwork
- Are quicker overall to arrange
- Incur lower fees than a full remortgage
- Do not require a full valuation
Are there any disadvantages to a product transfer?
By sticking with the same mortgage provider, you may be missing out on a better deal available from other lenders. With record low rates, there are many competitive mortgages on the market. Over time, you could save a lot of money by switching deals. Our advisors have whole-of-market access, meaning if there is a better mortgage out there for you, they will find it!
Non-standard product transfers
Assuming there are no fundamental changes, this would be classed as a standard product transfer.
Lenders are unlikely to perform many checks on this basis. Once you start changing the basics such as borrowing amount and term, providers will spend more time assessing the details to reconfirm affordability and eligibility before making an updated mortgage offer. Typical evaluation factors such as your age, employment status and salary will impact on lender decision-making.
How can I learn more?
Our advisors have helped many people decide between a product transfer and a remortgage, comparing offers from specialist lenders to make sure you get the best deal possible. At Teito, we are confident you won't find a better deal elsewhere, complete our simple online form today to get started and we will be in touch.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
