What is a mortgage product transfer?
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In short: Switching to a new mortgage deal with your existing lender without remortgaging to another bank. A product transfer can be quicker and cheaper than a full remortgage because it usually skips a solicitor and may not need a new valuation.
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Reviewed by Kaiser Khan
When your fixed or discounted mortgage rate ends, your loan typically moves to the lender's standard variable rate unless you arrange a new deal. A product transfer — also called a product switch — means staying with the same lender but selecting a new fixed, tracker or discounted rate on the existing loan.
Product transfers often involve less paperwork than remortgaging elsewhere: many lenders do not require a conveyancer, and automated valuations are common for smaller loan-to-value ratios. Fees may still apply — arrangement fees on the new deal should be compared against the saving versus the SVR.
You are not obliged to stay. Remortgaging to a different lender can still be cheaper if your loan-to-value band has improved or competitors offer better rates. Under FCA rules, your lender must send you an annual mortgage statement and tell you when your deal ends — use that prompt to compare both product transfers and the wider market three to six months before expiry.
Primary source: gov.uk/buying-a-home/preparing-to-buy
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