Concerned about your fixed-rate mortgage nearing its end? In today's market, it's crucial to explore your options with a broker before locking in a new deal.
As your mortgage brokers, we're here to guide you through this process and we'll notify you when you have six months left on your current deal. Our goal is to find a solution tailored to your needs, ensuring you make informed decisions every step of the way.
Product Transfer vs. Remortgage
A common question we receive is whether you should do a Product Transfer with your exisitng lender or a Remortgage to a new lender to secure a better rate.
What is a Product Transfer?
A Product Transfer is a straightforward transition of your current mortgage balance to a new mortgage product with your existing lender. Typically, minimal or no Underwriting is required from the lender's end.
While there may be a product fee from the lender, valuation and legal fees are usually not applicable.
How is a Remortgage Different?
On the other hand, a remortgage involves applying for a new mortgage with a different lender. This is a full mortgage application, meaning documents will need to be assessed, a valuation instructed, and the involvement of solicitors, potentially incurring additional fees.
I want to make changes to my mortgage
Whether you want to increase your borrowing for debt consolidation or reduce your balance without incurring hefty fees, we're here to guide you through your options.
Many lenders have also signed the Mortgage Charter, enabling existing customers to switch to interest-only or extend their terms to help manage their monthly mortgage payments.
The decision between a Product Transfer and a Remortgage hinges on your unique circumstances. We'll talk to you about both routes and find the best fit.
Should I speak directly to my lender or speak to my broker?
Your lender has a self-interest of keeping you as a customer, your broker will assess the market to find better options.
Your lender doesn't usually notify you of rate reductions, your broker has internal software that monitors your rate and will switch you automatically.
Your lender doesn't understand your personal circumstances and can't determine what is best for you, your broker can.
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