Product Transfer Mortgage
An easy way to reduce your monthly mortgage payments
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.
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).
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
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.
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.
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.
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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Product Transfer Mortgage
An easy way to reduce your monthly mortgage payments
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.
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).
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
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.
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.
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.
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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