Product Transfer and Remortgage

If you’re nearing the end of your fixed-rate deal or are keen to lower your monthly mortgage repayments, a product transfer and remortgage can help you secure a more affordable arrangement with your existing lender.
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What is a product transfer mortgage?

A product transfer mortgage (also referred to as a product transfer and remortgage, mortgage product transfer, or product switch) is where you change mortgage products with your existing lender.

The process of obtaining a new deal this way is typically quicker and easier than shopping around for deals from other providers in the market place.
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Things to consider

What are the benefits?

When you transfer your mortgage to a new lender, there will be more paperwork to complete and a longer process than if you were to remain with your existing lender. With a product transfer and remortgage, documents and legal work isn’t generally required.
If your financial circumstances have significantly changed since you secured your mortgage, switching to another lender could have a negative impact on your affordability. For example, if your income has decreased, staying with the same lender could be more beneficial. Your current lender may have a new rate, lower fees, or be offering some other kind of incentive that encourages you to opt for a product transfer.
With a product transfer mortgage, you can also use your house as security to borrow more money without switching lenders. This can help you to finance a house move, renovate your home, or simply support you with debt consolidation.

What are the risks?

With a product transfer mortgage, you won’t be able to make changes to the mortgage amount, term, or names on the mortgage. If you want to alter any of these crucial mortgage deal details, you’ll typically need to remortgage with another lender.

While your existing lender may offer you more appropriate mortgage deal in comparison to your current arrangement, other lenders’ solutions may be more suitable still. You should therefore be careful not to lock into a new deal with an inferior interest rate too early with your existing lender.


If you’d like to learn more about product transfer and remortgage services, please don’t hesitate to
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Frequently asked questions

When it comes to remortgage vs product transfer, the term ‘remortgage’ is often used to refer to changing lenders as well as products. ‘Product transfer’, on the other hand, refers to switching your current mortgage product to a new one, but remaining with your existing lender. Ultimately, when determining whether a product transfer or remortgage is more appropriate, you need to weigh up the pros and cons of staying with your current lender.
As with any mortgage product, a lender can decline your application for a product transfer mortgage if it has concerns about your eligibility for the new deal, affordability, or credit.
Due to the general lack of credit checks, legal work, and paperwork involved in product transfer and remortgage applications, switching to a new deal with your existing lender is typically fast.
Product transfer mortgages tend to have better rates than the lender’s variable rate offerings and are often better than your existing deal to encourage you to remain with your current lender. However, it’s always worth getting in touch with a reliable mortgage advisor that can help you understand and explore all your options.
No, if you want to borrow more money with your existing lender, then you will need to consider obtaining a further advance mortgage.

If you’re unsure whether it’s best to stay with your existing lender or switch, our expert team of
mortgage advisors can help by exploring your options on your behalf.


To discuss your options in more detail, why not complete our call back form today? You can rest
assured that customer satisfaction is incredibly important to our team, but don’t just take our word for it, explore more than 400 positive reviews of UKMC on Trustindex!

HOW TO APPLY FOR product transfer and remortgage

01

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.

02

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.

03

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?

04

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.

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UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.

The guidance and/or advice obtained within our website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers in the UK

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