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What is a product transfer mortgage?

A product transfer mortgage is when you choose not to shop around for the best deal and you select a new product, usually a fixed rate, with your existing lender.

Your existing mortgage lender may offer you a product transfer deal via their online portal, mobile app or by letter. It’s always best to speak with a mortgage broker, like us, to check you are doing the right thing for your personal situation and that you’re on the best rate available.

If you do nothing when your deal ends, your mortgage will revert to your lenders standard variable rate (SVR) which is usually high and can change quickly.

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How do product transfer mortgages work?

Product transfer mortgages work quickly, but they’re not necessarily the best rate available on the open market. Your existing lender will offer you a selection of new deals to switch to.

You’ll have to keep your mortgage ‘like for like’ so you won’t have options to change the term or release capital. Usually, no documents are required from you. You won’t receive any advice from your existing lender as to whether it’s the best thing for you to.

Product transfers can be done very quickly, in fact, too quickly sometimes and clients can agree to a new deal without thinking about whether the new fixed term and any redemption charges payable works for their situation.

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Why speak to a mortgage broker for a product transfer?

A mortgage broker will search the market for you to make sure that the product transfer deal that you are being offered is the cheapest one available to you. Potentially saving you £1,000’s over the term of the mortgage!

It’s always best to let the mortgage professionals do your product transfer on your behalf, this is a 100% free service with our mortgage team here. In this case, you’ll receive advice and have peace of mind that you’ve got the best deal available to you. Book a free, no-obligation mortgage consultation today.

There are no broker fees payable to us for product transfer mortgage advice.

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Product Transfer Mortgage FAQs

What is a product transfer mortgage?

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A product transfer mortgage is when you choose not to shop around for the best deal and you select a new product, usually a fixed rate, with your existing lender. Usually, no documents are required for a product transfer and legal work is not required.

A remortgage is when you shop around for the best deal and move your existing mortgage to a new lender. Your new mortgage will repay your old one and you’ll have options such as reviewing the term and/or capital raising. You’ll need to provide evidence of income and affordability to the new mortgage lender along with legal work.

Most mortgage lenders now offer fee-free remortgage deals with cash back which usually covers the legal side. This helps keep all the costs of a remortgage to a minimum.

As part of our remortgage advice service, we’ll automatically compare both options for you, considering any fees payable to recommend the best way forward.

Why should I consider a product transfer mortgage?

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The benefits of a product transfer mortgage are that it’s usually quick and no documents or legal work is required.

A product transfer mortgage works well if your personal situation has changed since you took out your original mortgage, for example, you’ve recently gone self-employed and do not yet have enough year’s accounts to qualify for a new mortgage at this time.

We’ll do your product transfer free of charge for you!

Depending on the amount of money that we can save you, we can also consider a remortgage down the line when you’re ready to proceed.

When should I consider a product transfer?

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6 months before your current mortgage deal ends is the perfect time to start comparing any product transfer deals that are being offered by your existing lender to what is available on the market.

Please don’t lock into any product transfer deals without seeking mortgage advice, we’ve seen many a client make costly mistakes regarding early redemption charges here.

If we secure you a new remortgage, you can keep your eye on rates, and if they go down before your current deal ends, most mortgage lenders will let you switch over to a new deal.

We’ll also do your product transfer on your behalf for free, we’ll have access to the same deals!

What are the interest rates for product transfer mortgages?

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The rates available on product transfer mortgages are often good, however, you can usually get a better rate by letting us, a trusted mortgage broker, shop around for you. Potentially saving you £1,000’s over the term of the mortgage.

Can I do a product transfer if I’m self-employed?

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Yes, usually it’s no different to if you were employed.

Are there any fees or costs associated with a product transfer?

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No, there are not usually any fees associated with a product transfer mortgage. However, most lenders now offer fee-free remortgage deals that have a cash back deal that usually covers the legal work. Therefore, these are very low in fees also.

Can I do a product transfer mortgage with bad credit?

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Usually, this is ok, however, it’ll depend on the type of bad credit that you have. For example, if you’ve recently missed mortgage payments, you’re likely not to be offered a new deal.

If you’re looking at your remortgage with bad credit options, there may be more options for you with a more specialist lender.

What is the process for transferring my mortgage product?

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Your existing mortgage lender will make it very easy for you to switch to a new deal via their internet banking portal, mobile app, or letter. As mentioned above, please be aware that there will probably be better deals available for you elsewhere.

As part of our remortgage service, we’ll compare all of your options and recommend the best one for you.

You can speak with one of our mortgage brokers by clicking the button below.

Can I borrow more money during a product transfer?

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No, you cannot borrow more money with a product transfer mortgage. If you’d like to increase your borrowing with your existing lender, this is called a further advance mortgage. If you’re in the middle of a fixed rate, we’ll also consider a second charge mortgage, often called a secured loan also as this may work out cheaper.

Getting a further advance with your existing mortgage lender will be a similar process to getting a remortgage to release equity elsewhere.

Whether you do a further advance mortgage, a second charge or a remortgage will depend on when your fixed rate mortgage deal ends, what interest rate you’re paying, your property value, how much you owe and your affordability etc.

If you are looking to take out additional money on your mortgage, you’d find having an experienced team, like us on your side to guide you through the process.

What happens to my existing mortgage terms and conditions?

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Your current mortgage terms and conditions will be replaced when you switch deals. If you let us do your product transfer on your behalf for free, your mortgage broker will go through all these new terms and conditions with you.

Changes such as interest rates, how much you can overpay and early redemption charges etc will have likely changed.

Is it possible to extend or reduce the term of my mortgage during a product transfer?

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No, it’s unlikely that you will be able to make any changes to the amount or term when doing a product transfer.

A remortgage would be a better option for you if you are looking to make any changes to your mortgage, such as extending or reducing the term.

What are the benefits of a product transfer mortgage?

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The 7 benefits of a product transfer mortgage are:

  1. They are quick, it’s a fast process.
  2. No legal work is required.
  3. No mortgage broker fees by us.
  4. In most cases, you won’t need to pass a credit check.
  5. Usually, you won’t be assessed against lending criteria like a new client.
  6. Minimal or no paperwork.
  7. Very little documentation is required, we’ll just need your ID.

What are the disadvantages of a product transfer mortgage?

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The 7 disadvantages of a product transfer mortgage are:

  1. The lenders try to get you to lock in early before you’ve taken advice.
  2. An inferior interest rate, they’ll probably be cheaper deals elsewhere.
  3. The term of the mortgage needs to stay the same.
  4. The amount of mortgage needs to stay the same.
  5. You cannot release capital for any reason.
  6. The names on the mortgage stay the same, you cannot add or remove a name.
  7. Any recent home improvements won’t be taken into account for your valuation therefore, you could be missing out on better loan to value deals.

Can I transfer my mortgage to a different lender?

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Yes, this is called a remortgage. There are many advantages to doing a remortgage over a product transfer. These include shopping around for the best rate, the ability to review your remortgage term if required and to add or remove a name from a mortgage.

Options such as a remortgage for home improvements or remortgage for debt consolidation might be available to you also.

Most mortgage lenders now offer fee-free remortgage deals with various cashback offers providing enough to cover the legal costs for you.

Unlike with a product transfer mortgage, with a remortgage, you’ll have to provide documents, go through a credit check, and meet affordability/criteria rules from your new lender etc.

Interest only mortgage ending soon?

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If you are approaching the end of your mortgage term and are only paying the interest back, it’s never too early to look at your options.

Interest only mortgages were popular in the 90s and 2000’s as a way of keeping the cost of your lending down. If your interest only mortgage deal is ending soon then please get in touch. Mortgage lenders have been very innovative over the last few years and have various solutions available for you.

What happens if I want to pay off my mortgage early after a product transfer?

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Any early redemption penalties for paying off your mortgage in full following a product transfer will be discussed as part of our mortgage advice process. The penalties will be outlined clearly in your new mortgage offer also.

Be careful here, we’ve seen some very costly mistakes from previous clients. You need to pay attention to all the small print regarding costs, what you can and can’t do, and early redemption charges. Please always seek advice rather thank clicking online to do this yourself.

If you are looking to overpay monthly, rather than in full, most lenders will allow you to pay so much extra per month depending on their criteria. Making regular overpayments, if possible, will save you lots of interest over the term of your mortgage.

What documents and information do I need for a product transfer application?

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Usually, no documentation (or very little) is needed to do a product transfer mortgage application. If we do this on your behalf, we’ll only request your ID as part of the process. It’s very simple.

With a remortgage, you’ll need to provide 3 months bank statements, 3 months proof of earnings, ID, along with any ad-hoc documents that are requested along the way. However, you could save yourself a lot of money by going through this process.

We’ll help you decide as to how much your save and whether this is worth it to you.

How long does the product transfer process typically take?

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As there is no legal work involved, a product transfer mortgage is very quick. In fact, it can be too quick and easy sometimes! A good time to start speaking to us about your mortgage options is 6 months ahead of your fixed rate deal ending. This is the time to book a free, no-obligation remortgage consultation.

A remortgage on the other hand can take around 2/3 months to complete but could result in a big saving for you financially. The 6-month mark is key here also.

What happens if my application for a product transfer is declined?

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We’ve never known this to happen however it’s not impossible. This will depend on whether your existing mortgage lender has stopped lending for mortgages and how good you’ve been meeting your repayments.

8 Reasons to Choose UK Moneyman

Product transfer mortgage advice, 7 days a week.

We work around you and your busy lifestyle. Choose an appointment time that suits you.

Free mortgage review, we don't ask for upfront fees.

We only ask for a payment on results.

Everyone gets given a loyal case manager.

Your case manage will be with you every step of the way.

We care, on getting you the best result.

From start to finish we will be with by your side. We understand how product transfers work and understand the market inside and out.

Going the extra mile to make sure you have the right cover and insurance.

We like to make sure that everyone is covered with the appropirate insurances, protection them and the ones you love.

Compare 1000s of mortgage deals.

Our team of mortgage advisors can compare 1000's of mortgage deals against your product transfer, to make sure that it is the right option for you.

We've been in the industry for over 20 years you are in safe hands.

We are able to take a look at thousands of different mortgage products to determine which deal would be most suitable for you.

Your mortgage advisor will support you every step of the way.

Overcoming hurdles that you face along your product transfer mortgage journey.

Compare 1000s of mortgage deals

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