MORTGAGE PRODUCT TRANSFERS
A mortgage product transfer is when you move from one mortgage deal to another with your existing lender rather than remortgaging to a different lender.
It can be one option when your current deal is ending, but whether it is appropriate depends on the products available, your circumstances, costs and the alternatives.
No obligation to proceed.
Your property may be repossessed if you do not keep up repayments on your mortgage.
A product transfer generally means changing mortgage product while remaining with the same lender. You move onto another deal offered by that lender rather than moving your underlying mortgage to a different lender.
With your existing lender
Current mortgage deal → Product transfer → New deal with same lender
With a different lender
Current lender → Remortgage → New mortgage with different lender
Exact processes vary between lenders. Changing the product alone should also be distinguished from requesting additional borrowing or changing other mortgage terms.
01
Your current mortgage deal is ending
Review what happens after the deal expires and whether your lender offers another product.
02
You want to review your mortgage rate
Consider the products available and their overall costs, not just the headline interest rate.
03
You would prefer to remain with your existing lender
A product transfer may provide a route to another deal without changing lender, where available.
04
Your circumstances have changed
Understand how the lender treats the proposed switch and whether any further assessment is needed.
05
You want to compare staying against remortgaging
Compare the existing lender’s products with appropriate alternatives rather than assuming one route is best.
A product transfer is not necessarily available or suitable for every borrower. The options depend on lender criteria, the mortgage and your circumstances.
01
Review your existing mortgage
Check the deal end date, outstanding balance, current rate, remaining term and any early repayment charges.
02
Review your lender’s products
Products and eligibility requirements for existing borrowers can vary.
03
Consider the alternatives
Compare the proposed transfer with the contractual follow-on rate and, where appropriate, remortgaging elsewhere.
04
Choose and arrange the product
The lender’s process and requirements depend on the circumstances and what is changing.
05
The new deal takes effect
The new mortgage product begins in accordance with the lender’s terms. Check its start date and payment details.
Product transfer
Stay with your existing lender and move onto another mortgage product offered by that lender. The process may differ from a full new mortgage application, but the products available are limited to those your existing lender offers.
Remortgage
Usually replace the mortgage with borrowing from another lender. The new lender’s eligibility and affordability requirements apply, and valuation and legal work may be involved. You can consider products from other lenders.
Neither route is automatically better. The appropriate option depends on the products, costs, eligibility and individual circumstances.
The process can depend on the lender and what you want to change. A straightforward product switch without additional borrowing or other material changes may be treated differently from a transaction involving a larger loan, a different mortgage term, changes to borrowers or other material changes.
Do not assume that affordability checks, credit checks or supporting documentation will never be required. Ask what applies to the particular transaction, especially if you are requesting more than a change of product.
THE PROCESS DEPENDS ON WHAT IS CHANGING
Switching the mortgage product alone can be different from asking the lender to change the amount borrowed, term or parties to the mortgage.
A straightforward product transfer with the same lender may involve a different process from moving the mortgage to another lender. Exact requirements vary, particularly if other aspects of the borrowing are changing.
Product transfer
Potentially fewer external steps where the underlying mortgage remains with the existing lender. Check the requirements rather than assuming that valuation or legal work will never be needed.
Remortgage
A new lender may require valuation and legal arrangements as part of establishing its mortgage. The process and any costs depend on the lender and transaction.
Compare the total cost of each available arrangement. A lower headline interest rate does not necessarily mean a lower overall cost once fees and charges are included.
Product or arrangement fees
Check any fee for the new product. If a fee is added to the mortgage, consider the interest charged on it.
Early repayment charges
Check whether changing the existing deal before the charge period ends would trigger an ERC.
Valuation costs
Establish whether a valuation is required and whether any cost applies.
Legal costs
Check whether legal work is needed for the proposed transaction and any associated charges.
Mortgage adviser fees
Ask what fees, if any, apply to the adviser’s service.
Interest and overall cost
Consider the rate, deal period, payments and total cost over a relevant comparison period.
Lenders may allow existing borrowers to select another product before the current deal ends, but timing and availability vary. There is no universal number of months that applies to every lender or transaction.
01
Check deal end date
02
Check ERC period
03
Review available products
04
Compare options
05
Arrange next deal
Distinguish selecting a product from the date it takes effect. Confirm any conditions, charge dates and the intended start date before proceeding.
Switching mortgage product and increasing borrowing are not necessarily the same transaction. Where additional borrowing is needed, the lender may assess it separately and additional affordability and eligibility requirements may apply.
Additional borrowing with an existing lender may be described as a further advance. Its terms and assessment can differ from the product switch itself, so check how each part of the proposed arrangement would work.
PRODUCT TRANSFER ≠ ADDITIONAL BORROWING
Changing mortgage deal does not automatically mean increasing the mortgage balance.
Your income, employment, self-employment, debts, credit circumstances, retirement plans, relationship status or household expenditure may have changed since the original mortgage was taken out.
The effect depends on what you want to change and the lender’s process. A product-only switch and a request for additional borrowing or different mortgage terms are not necessarily assessed in the same way. Check the requirements and provide accurate information when requested.
Consider the new deal’s length, early repayment charges and whether the product can potentially be ported. The likely timing of your move, future borrowing needs and affordability for the next property may also matter.
Porting is not guaranteed. A lender may need to assess your circumstances, the new property and any additional borrowing when you move, even if the product is described as portable.
Potential benefits
You remain with your existing lender and may be able to move onto another mortgage product without changing lender. In some circumstances, the process may be simpler. The process may also involve fewer external steps than moving the mortgage to another lender, depending on the transaction.
Potential limitations
Your choice is restricted to products offered by the existing lender. Another lender might offer a more suitable alternative. Fees and ERCs can still matter, and changes to borrowing or mortgage structure may require additional assessment.
01
When does my existing deal end?
02
What happens if I do nothing?
03
What products is my existing lender offering?
04
What fees apply?
05
Is there an early repayment charge?
06
What will the new monthly payment be?
07
How long will the new deal last?
08
Should I change the mortgage term?
09
Do I need additional borrowing?
10
How does this compare with remortgaging?
11
Do I expect to move home?
12
Could my circumstances change during the new deal?
COMMON QUESTIONS
General answers to common questions about switching mortgage deals with your existing lender.
What is a mortgage product transfer?
Is a product transfer the same as remortgaging?
Can I stay with the same lender when my fixed rate ends?
Do I need an affordability check for a product transfer?
Does a product transfer require a credit check?
Do I need a solicitor for a product transfer?
Will my property need to be valued?
Can I borrow more with a product transfer?
Can I change my mortgage term?
Can I product transfer before my fixed deal ends?
Can I product transfer if my circumstances have changed?
Should I product transfer or remortgage?
READY TO REVIEW YOUR MORTGAGE?
A mortgage adviser can discuss your existing deal, the options available from your current lender and whether alternatives may be worth considering.
No obligation to proceed.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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