Your home may be repossessed if you do not keep up repayments on a mortgage.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £149 to £750 and this will be discussed and agreed with you at the earliest opportunity.
When your current mortgage deal is coming to an end, you generally have two main options: take a new deal with your existing lender (a product transfer) or move to a new lender (a remortgage). Both avoid slipping onto the standard variable rate, but they work differently. Here’s how to weigh them up.
What a product transfer is
A product transfer means staying with your current lender and simply switching to a new deal they offer. Because you’re not changing lender, the process is usually quick and straightforward — there’s typically no new affordability assessment, no property valuation, and minimal paperwork. For many people, that simplicity is appealing, especially if their circumstances have changed in ways that might complicate a new application.
What a remortgage is
A remortgage means moving your mortgage to a different lender. It involves a fuller application — affordability checks, a property valuation and legal work — so it takes longer and involves more steps. The upside is choice: with a comprehensive panel, with many High Street and specialist lenders, you could find a better rate or terms than your current lender offers, which could save money over the deal.
Weighing them up
A product transfer wins on speed and simplicity, and could be ideal if your circumstances have changed or you value convenience. A remortgage takes more effort but gives access to a comprehensive panel, with many High Street and specialist lenders, which could mean a better deal. The right choice depends on the numbers and your situation — sometimes the convenience of a transfer is worth it, and sometimes the savings from remortgaging could clearly outweigh the extra effort.
Why advice pays
The best way to decide is to compare your existing lender’s transfer offer against what’s available elsewhere. With access to a comprehensive range of products from across the market, we can do exactly that — showing you whether staying put or moving lender leaves you better off, and handling the process either way. Get in touch for more information.
