Mortgage Product Transfer – Staying put

People generally don’t move house too often during their life, so if you have a mortgage there is a good chance that you might have a fixed term arrangement where your mortgage rate will be fixed in stie for a period of time. Once this expires you will custmoarily be move to the Lender’s standard variable rate – which can be set at a very high rate of interest. As such you need to carefully consider your options at this time3 in order to make sure you negotiate the best new deal for yourself and your family.

Essentially, if you are up to date with all of your mortgage payments then you will likely have 2 options.

1. Remortgage by switching to a better deal with a new lender
2. Product Transfer by switching to a new deal with your current lender

A Product Transfer is not a new mortgage. It is basically arranging the best deal you can with your existing mortgage lender. Most lenders these days will allow their customers to do this, but not all of them will offer their best deals to existing customers. This is why, in the long-term, a remortgage may work out a more financially beneficial option.

However, there are a number of reasons why a product transfer might be right for you. A product transfer does not involve a new underwriting assessment and may not involve a credit search. Usually there is no need for a valuation survey to be undertaken or a requirement for you to provide various proofs such as payslips or bank statements. This can be helpful for instance if you have recently become self-employed or are in the middle of doing the house up.

If you decide that a Product Transfer is right for you at this time then there are some good reasons why you might want our retention team at Prospect to handle the process:

• We do not charge to carry out a product transfer for existing customers
• We recommend securing a rate as early as possible with your lender, and then your Prospect Adviser will track it up until the date it goes live. If a cheaper product becomes available then we will switch you across – again, all without charge.
• We have a dedicated retention team who are available to answer your questions and guide you if you want to make changes to your mortgage (such as extend the term / boorow additional funds and the like)

We will always carry out assessments for customers free of charge to advise on the best route – remortgage or a product transfer.

Why not let us do that for you – you have nothing to lose and the savings can be significant.

Book an appointment (either face to face or by telephone) using the button at the top of the screen or, alternatively contact us via [email protected] or by calling 01983 616666.