When remortgaging, it makes sense to do plenty of research to make sure you’re getting the best deal for you.
Sometimes, this means changing to a new lender – but not always.
Unsure about next steps? Here at UKMC, our team of experienced mortgage advisors make the decision less daunting by providing the support you need to secure the most appropriate remortgage deal for your circumstances.
Can you remortgage with the same lender?
Yes, when it comes to remortgaging, you don’t always have to change lenders.
If you remortgage with same lender, the service is usually known as a product transfer. During a product transfer, you change to a new deal with your current provider.
Some lenders even allow you to make a product transfer up to six months before the end of your existing deal, and waive any Early Repayment Charges (ERCs).
However, we always recommend to check the terms and conditions first.
Before you make a final decision, we advise that you compare deals across the market to guarantee you pick the most suitable arrangement for your circumstances.
Want help with that? Our mortgage advisors are only too happy to assist.
How long does it take to remortgage with the same lender?
Remortgaging with your existing lender should be a fast, straightforward process.
On average, it takes one to four weeks to complete a product transfer.
Sometimes, the process can be delayed – for example, if a lender wishes to update your home’s valuation or if the underwriting process takes longer than anticipated.
What affects the timescale of remortgaging with the same lender?
Remortgaging with the same lender does not typically require the same level of legal work as switching lenders.
For example, it doesn’t usually require a solicitor or conveyancer.
It’s also unlikely that you will need a property valuation – although you should always check the terms and conditions with your lender.
Is it quicker to remortgage with the same provider?
Typically, yes. As mentioned above, remortgaging with the same lender is usually a quicker process than if you were to switch lenders.
Remortgaging with the same lender can take as little as a week to complete, whereas switching to a new lender can take four to eight weeks, sometimes longer!
Benefits of remortgaging with the same lender
While it’s important to always shop around before remortgaging, sticking with the same lender can have some benefits:
- Some lenders offer better rates to existing customers than new ones
- Straightforward process
- Usually, fewer fees are involved
- Some lenders don’t require an affordability check for product transfers
- The possibility of avoiding early repayment charges (ERCs)
As mentioned above, we recommend you explore the full range of options before making a decision.
Things to consider before remortgaging with the same lender
Before committing to a product transfer with your existing lender, weigh up the following considerations:
- You may be able to save money by switching
- Other lenders may offer more competitive deals
- By changing lenders, you could access incentives like cashback or a free valuation
- You could access a wider range of products by switching
Our team of UKMC mortgage experts will look at your financial circumstances and help you decide whether switching lenders or sticking with your current one is the best option for you.
Book a call with us today for clear, straightforward advice on remortgaging.
DISCLAIMER
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited.
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