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What is a product transfer mortgage?

A product transfer is when you move from your existing mortgage deal to a new one with your current lender.

Mortgage product transfers explained

This example should help: Lets say you’re currently on your lender’s Standard Variable Rate (SVR) or you coming to the end of an existing deal, you may consider moving on to another fixed rate.

Assuming you want to keep your loan amount the same and are happy with your current lender, this would be classed as a product transfer because you’re just moving from one product to another.

What is the mortgage product transfer procedure?

The product transfer process is typically very straightforward.

Product transfers can usually be quickly arranged with your lender we just need your exiting lender account number and then we can advise on the deals that are available to you

Mortgage product transfer rates and fees

So, what costs are associated with product transfers? While mortgage product transfer fees will vary from lender to lender, standard product transfers are a lot less hassle to process than a new mortgage application or remortgage, for example, therefore making it a cheaper option in many cases.

A common reason lots of borrowers opt for an alternative to product transfers is the rates they’re on with their current lender.

For example, the rate you’re charged by your provider may be a lot higher than what a competitor is offering. In this situation, you may be tempted to change provider, which would mean remortgaging.

While this may seem like a no-brainer, it’s important to bear in mind that remortgages tend to take longer to arrange and there are more steps involved, and can, therefore, be more costly – so you have to ensure that you can justify the associated fees in relation to the interest you’d save by switching.