When your current fixed rate deal ends, you’ll be faced with two options:
- Stay with your current lender and choose a new deal. This is known as a product transfer.
- Look for a new mortgage lender altogether. This is known as a remortgage.
Why is a product transfer so different to a remortgage?
A Product Transfer is the hassle-free option out of the two. There is a lot less paperwork and the process is a lot quicker than a full remortgage. It simply is choosing a new deal with the same lender that is available to you at that time.
Your mortgage adviser will have access to the whole of the market and will be able to give you the best advice possible based on your personal situation.
Why do people choose to remortgage instead of a simple product transfer?
Well, there are a lot of reasons why this is the case which all depend on your current situation and the current market.
One of the main reasons that people choose to remortgage is that another lender is offering a much better deal than their current lender. A product transfer means you are only looking at your current lenders deals, not deals available with other lenders.
Another big reason a remortgage may be the best option for you is to reduce the term of the mortgage or to raise some equity against your property. Your financial situation may have changed since you last looked at your mortgage, meaning that you could reduce the mortgage term to pay off the mortgage quicker, or raise some equity you have in the property if you are looking to do some refurbishments to the property.
Your current lender may be offering the best deal on the market, which is where a simple product transfer comes in, as long as you aren’t looking to change anything except the mortgage product.
It is worth noting that it completely depends on your current situation and the volatility of the market at the time will depend on which option is best for you.
Why a mortgage adviser makes sense for you
Whether you opt for a product transfer or decide to remortgage with a new lender, we at Mortgagez Limited are an independent mortgage advisor so will guide you through the process. Not only will we give you expert, objective advice, but our extensive knowledge of the market means we’ll be able to negotiate the best deal for you. Plus, we’ll do all the time-consuming legwork by handling the application process and chasing valuations, underwriters and solicitors.
See what others have been saying about us on Trustpilot so you can be confident in your decision to choose us: https://bit.ly/MortgagezTrustpilot
Here at Mortgagez, our team of fully qualified mortgage advisers is on hand to help you every step of the way in obtaining a new mortgage, and our service won’t cost you a penny when you go via our online portal. Visit our website today and obtain a quick quote with our online mortgage rate tool to see how much you could save on your next mortgage.
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PLEASE NOTE: Article written 24th March 2022. Information contained within this article is likely to change and therefore should not be relied upon or form part of any form of decision making without seeking professional advice. *
YOUR HOME MAY BE REPOSSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.
Article written: March 2022 240322 MZ000249
