Product Transfer Mortgages

Steven Neale
By Published On: April 9, 2020Last Updated: May 10, 2024

An easy way to reduce your monthly mortgage payments

What is a Product Transfer?2020-04-03T15:21:36+00:00

A Product Transfer is the term used for when you switch your current mortgage deal to a new one with your existing mortgage lender, usually with the aim of getting a better rate.

Am I eligible for a Product Transfer?2020-04-03T15:32:59+00:00

Most homeowners are eligible for a Product Transfer if they are coming to the end of their initial deal (with around 3 months remaining, depending on the lender), or are already on their lender’s Standard Variable Rate (SVR).

How much can I save with a Product Transfer?2020-04-07T08:19:05+00:00

The amount you could save on your mortgage will depend on your current rate and the new rate you are transferred to. If you’re on a Standard Variable Rate (SVR), for which the UK average is 4.9%*, you could save hundreds of pounds per month by switching to a rate of 2.52%*, the current average for a 2 year fixed deal.

*Correct as of January 2020, according to Which.co.uk
What is the process for a Product Transfer?2020-04-03T15:14:31+00:00

The process for Product Transfers is simple and quick, and can be managed myself. Unlike a Remortgage, there are no valuations or solicitors required.

I can work with your existing lender to find the best deal available, and provide you with the paperwork to sign to finalise your Product Transfer.

In most cases, a Product Transfer can be arranged within 7 days.

What is the difference between a Product Transfer and a Remortgage?2020-04-03T15:12:54+00:00

A Product Transfer is the simple process of moving your existing mortgage loan to a new deal with the same lender, without changing the loan amount.

A Remortgage is where you switch your mortgage deal to a new lender.

Does a Product Transfer require a credit search?2020-04-28T10:00:49+00:00

Not if you are switching to another product for the same amount without borrowing more money. If you want to borrow more, than a credit search would be carried out.

Can I get a Product Transfer with a bad credit history?2020-04-28T10:01:40+00:00

Yes you can and this is where a Product Transfer could help if you have had credit problems since taking on your mortgage. Even if you have a poor credit history, some lenders do not carry out a credit search. Product Transfers are really good if you have a poor credit history.

A quick overview of the topics covered in this article.

Latest articles

Product Transfer Mortgages

Steven Neale
By Published On: April 9, 2020Last Updated: May 10, 2024

An easy way to reduce your monthly mortgage payments

What is a Product Transfer?2020-04-03T15:21:36+00:00

A Product Transfer is the term used for when you switch your current mortgage deal to a new one with your existing mortgage lender, usually with the aim of getting a better rate.

Am I eligible for a Product Transfer?2020-04-03T15:32:59+00:00

Most homeowners are eligible for a Product Transfer if they are coming to the end of their initial deal (with around 3 months remaining, depending on the lender), or are already on their lender’s Standard Variable Rate (SVR).

How much can I save with a Product Transfer?2020-04-07T08:19:05+00:00

The amount you could save on your mortgage will depend on your current rate and the new rate you are transferred to. If you’re on a Standard Variable Rate (SVR), for which the UK average is 4.9%*, you could save hundreds of pounds per month by switching to a rate of 2.52%*, the current average for a 2 year fixed deal.

*Correct as of January 2020, according to Which.co.uk
What is the process for a Product Transfer?2020-04-03T15:14:31+00:00

The process for Product Transfers is simple and quick, and can be managed myself. Unlike a Remortgage, there are no valuations or solicitors required.

I can work with your existing lender to find the best deal available, and provide you with the paperwork to sign to finalise your Product Transfer.

In most cases, a Product Transfer can be arranged within 7 days.

What is the difference between a Product Transfer and a Remortgage?2020-04-03T15:12:54+00:00

A Product Transfer is the simple process of moving your existing mortgage loan to a new deal with the same lender, without changing the loan amount.

A Remortgage is where you switch your mortgage deal to a new lender.

Does a Product Transfer require a credit search?2020-04-28T10:00:49+00:00

Not if you are switching to another product for the same amount without borrowing more money. If you want to borrow more, than a credit search would be carried out.

Can I get a Product Transfer with a bad credit history?2020-04-28T10:01:40+00:00

Yes you can and this is where a Product Transfer could help if you have had credit problems since taking on your mortgage. Even if you have a poor credit history, some lenders do not carry out a credit search. Product Transfers are really good if you have a poor credit history.

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Hentschel – 29th May 2024

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Anon – 4th March 2024

Steven and Sue have been absolutely wonderful throughout the whole mortgage application process. Even when we were unsuccessful with our first application which left us panicking, Steven remained calm and professional, informed us there were plenty of other options and worked quickly on a new application suited to our needs. Steven would answer his phone efficiently and if he missed us, he would call back immediately, something which can be quite rare these days. We would recommend Steven and Sue to anyone that maybe struggling with the whole mortgage process, especially the self employed, they took all the stress from us and deserved every single penny we payed them. We will absolutely be returning to Steven and Sue in the future and only wish we had found them sooner. We found them to be invaluable and an absolute pleasure to deal with, they are the reason we can finally sleep well at night! Thank you both again.

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Anonymous – 6th February 2024

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Martin – 2nd January 2024

I have felt very well looked after throughout this process, and advocated for, to meet my individual financial needs. The communication between Steven, Sue and I has been of the highest standard, and I could not have asked for more. I was treated without prejudice, and with understanding, and I am so happy that I have been able to buy a home which my daughter and I can now settle into, and start a new chapter. Thank you so much Steven and Sue!

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