Is a Product Transfer the right option?

Is a Product Transfer the right option?

Is a Product Transfer the right option?

If you have a mortgage product ending soon, you may have been contacted by your existing mortgage lender about arranging a new product. Remaining with your existing lender is what’s commonly referred to as a ‘Product Transfer’. In simple terms, you remain with them and secure a new product usually without having to go through any further affordability or credit checks.

Although remaining with your existing lender may seem the easiest option, it’s important to seek specialist mortgage advice to ensure that you’re getting the most suitable product that meets your specific needs and circumstances. A mortgage adviser or broker will be able to liaise with your current lender and compare what they are offering against a new lender’s products.

Often securing a new product with your existing lender will be a matter of a few clicks, but it’s risky to do this without properly assessing your options as you may find yourself tied into a product which isn’t fit for purpose. This could potentially result in large Early Repayment Charges should you want to end that product early, if not properly considered.

As a responsible broker, we can handle the process on your behalf. After a detailed conversation with you about your current situation and future plans, we will be able to advise accordingly. This may mean remaining with the same lender, which is something we can handle on your behalf with minimal documentation. Sometimes, the interest rates may be more competitive through a broker as opposed to going direct to the lender.

If you have a mortgage product ending soon or have been contacted by your current lender about your rate ending, contact us today.

Your property may be repossessed if you do not keep up the repayments on your mortgage.

There may be a fee for mortgage advice.