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Mortgage Product Transfer

Our Mortgage Product Transfer Service

What is a mortgage product transfer?

A mortgage product transfer is essentially a remortgage with your current lender. Borrowers switch to a new mortgage deal on a fixed term through their current lender to avoid being automatically placed onto a standard variable rate mortgage.

Most borrowers will be on a fixed-term mortgage rate with an expiry date. When that date arrives the mortgage will drop on the lender’s standard variable rate unless a new rate is chosen going forward. Since standard variable rates are in the 7.50%+ range, this is expensive and to be avoided.

With the majority of lenders switching to a new rate is a relatively straightforward process, much simpler than when you initially apply for a mortgage.

Why use our mortgage product transfer service?

You can apply for a new mortgage rate through a regulated mortgage broker, but some lenders also have the facility for you to apply direct through their admin team or on a web page or app. It is important to understand that when you do not apply via a mortgage broker you leave yourself at a disadvantage. This is because:

1. Lenders do not provide mortgage advice, only information

When you apply for a mortgage product transfer direct to the lender, they will give you information only and will not advise you on the best available mortgage rate for your needs.

2. You may not get access to all of your available rates

When lenders do not have staff qualified to give advice they restrict the rates of products they offer directly to the borrower to avoid the need to advise you. The rates they offer through your independent mortgage broker can have more features and options as the broker handles the advice process.

3. Making changes directly with your lender can be a problem

If you are looking to make changes to your mortgage in addition to selecting a new rate this can be a problem if you apply direct. These could be changes such as:

  • Borrowing more
  • Paying off a lump sum
  • Changing your mortgage term
  • Adding a person to your mortgage
  • Removing a person from the mortgage

You will need the independent regulated advice you can only get from a good mortgage broker.

What is a mortgage product transfer service?

A mortgage transfer is a simple exercise where lenders:

  • Do not run a check credit check
  • Do not require proof of income
  • Do not require supporting documentation
  • Work from an automatic valuation

As a result, it is generally straightforward to obtain a new mortgage rate using the mortgage transfer process.

When should I apply for a mortgage product transfer?

The best time to apply will depend on your lender. Lenders typically allow you to apply for a mortgage transfer within 90 days of the expiry of your current mortgage product.
Some lenders have a four-month window, and some have a window as short as six weeks.

Do I need to pay you?

Here at A Mortgage Now we do not charge broker fees for mortgage transfers. This is because we have developed systems that make it efficient for our team to provide you with the advice and service you need. You may find that is not the policy with other brokers.

How does the mortgage transfer process work with A Mortgage Now?

Step One

You provide us with your mortgage account number, contact details, and permission to access your account.

Step Two

We access your mortgage account identifying your current balance, property valuation, and mortgage product transfer options going forward.
We provide all your rate options to you on a single sheet within one working day of receiving your instruction.

Step Three

You decide which mortgage rate you would prefer going forward.
We are always available to answer any questions or concerns, or indeed to help you to consider remortgage options across the whole of the market.

Step Four

Once we know your preferred rate we generate full figures for you and request the rate from the Lender.

Step Five

The lender puts the new rate in place and confirms this rate to you in writing. We are paid a fee by the lender for taking the work off of their toe, you do not pay us anything.

Are there any other complications?

When your mortgage is secured on your home this makes it a regulated product, it is important therefore that we understand that any new rate you select is suitable for your needs.

We will request some background information via our secure online form. Our form takes no more than five minutes to complete.

The gathered information is for our files only. It is designed to assist us in advising you correctly. The information collected does not go to your lender or other party.