Product Transfer
Product
Transfer
If your fixed deal is ending, a product transfer lets you switch to a new deal with your existing lender quickly and easily.
What Is A Product Transfer?
A product transfer mortgage (also called a product switch, mortgage product transfer, or product transfer and remortgage) happens when you move to a new mortgage deal with your existing lender.
This approach is often quicker and simpler than applying for a mortgage with a new provider, as you don’t need to go through the full application process. It’s a convenient way to secure a better rate or deal while staying with your current lender.
Remortgage Guide section.
How Is A Product Transfer Different From A Remortgage?
A product transfer is when you switch to a new mortgage deal with your existing lender. It’s usually quicker and simpler because it often doesn’t involve legal work, property valuations, or full credit checks.
A remortgage, on the other hand, involves moving your mortgage to a new lender. This can take longer, may include fees for legal work and valuations, and gives you access to the full range of mortgage deals on the market, not just those offered by your current lender.
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Things to Consider
Benefits
Faster and Simpler Process
Switching to a new mortgage product with your existing lender is usually quicker and involves less paperwork than remortgaging with a different provider. You often avoid lengthy legal work and property valuations, helping you secure a new deal with less hassle.
Fewer Upfront Fees
Product transfers typically come with lower initial costs. Because you remain with the same lender, there’s usually no need for additional legal or valuation fees, and in many cases no new credit checks are required.
Helpful if Finances Have Changed
If your financial situation has changed since you first took out your mortgage, your existing lender may be more flexible when offering you a new product. Staying with the same lender can sometimes make it easier to secure a deal if affordability is tighter.
Considerations
Limited Product Choice
You are restricted to the mortgage products offered by your current lender. This means you may miss out on more competitive rates or flexible features available elsewhere in the wider market.
No Major Changes to Your Mortgage
A product transfer doesn’t usually allow you to adjust key details of your mortgage, such as changing the loan amount, mortgage term, or removing/adding names on the mortgage. For these changes, a full remortgage is typically needed.
Potentially Better Deals Elsewhere
Although your lender may offer a suitable retention deal, other lenders could still have better options that suit your long‑term goals, especially if property values or your financial circumstances have improved.
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Why Choose UKMC
Simple, Straightforward Approach
Simple, Straightforward Approach
Thousands of Products
Thousands of Products
Dedicated Case Manager
Dedicated Case Manager From your first call, you’ll have a dedicated mortgage advisor and case manager. They’ll liaise with lenders, surveyors, and solicitors on your behalf, making the process smoother and saving you time.
Free Property Insights and Reports
Free Property Insights and Reports With our online portal, you can quickly access detailed reports about your chosen property, making it easier to make informed decisions. Reports include:
- Broadband speeds – Check connectivity before moving in.
- Energy efficiency rating – Know how much your bills might be.
- Local property trends – See prices in your postcode and compare similar homes.
- Area insights – Find out about crime rates, common professions, and property types nearby.
- Environmental info – Flood risk, geology, radon, and nearby infrastructure projects.
Plus, our handy home-buying checklist keeps you organised at every step.
Flexible Appointment Options
Flexible Appointment Options How to Apply For A Product Transfer
Find out when your fixed rate period is ending
Typically, homeowners will want to consider a product transfer mortgage when their current contract’s fixed rate period is coming to an end. It’s therefore crucial that you know when this date is coming up and give yourself plenty of time to explore your options.
Consult with your existing lender
As your lender’s variable rate is typically higher than the fixed rate you may have initially benefited from, it’s well worth exploring other deals they might be offering that are more affordable. Arranging a consultation with your existing lender is the best way to discuss your options and how they might benefit you.
Contact a mortgage advisor
Before you immediately opt for a more affordable deal from your existing lender, it’s crucial that you shop around first. Contacting an experienced mortgage advisor, like UKMC, can give you access to exclusive deals and better rates, so why not book your appointment with a member of our team?
Apply for your chosen mortgage deal
Once you’ve found another mortgage deal from your lender that you want to switch to, the actual transfer process is relatively straightforward (as long as you’re not applying to increase your loan amount). As the loan amount and term generally remain the same, there’s often no significant paperwork required. Your existing lender will also tend to avoid revaluing your house and conducting a new credit check as you’ve already demonstrated affordability.
what our clients saying about us
At the end of my tether I was introduced to Sam from UKMC.
Previous advisors had failed to find me any deals worth looking at and I was feeling most despondent. Destined to continue paying waaaay too much for my mortgage.
Creative Director, TUX Creative Co
At the end of my tether I was introduced to Sam from UKMC.
Previous advisors had failed to find me any deals worth looking at and I was feeling most despondent. Destined to continue paying waaaay too much for my mortgage.
Independent Art Director
At the end of my tether I was introduced to Sam from UKMC.
Previous advisors had failed to find me any deals worth looking at and I was feeling most despondent. Destined to continue paying waaaay too much for my mortgage.
Creative Developer, Studio Gusto
Frequently asked questions
Got questions? Let’s answer them
What is a product transfer?
How is it different from remortgaging?
Are there fees for a product transfer?
Typically, fees are lower than a full remortgage, and in many cases, there may be no upfront costs, depending on your lender’s terms.
Can I change the mortgage term or loan amount?
Usually, a product transfer only changes your mortgage product or interest rate. If you want to adjust the term, borrow more, or make major changes, you’d likely need a full remortgage.
Is a product transfer always the best option?
