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Re-mortgage

At the end of an initial fixed, tracker or discount rate, rather than remaining with the same lender, a re-mortgage is moving your existing mortgage from one lender to another. The new mortgage will repay the balance with the existing lender. You can also re-mortgage if the mortgage is on a lender's Standard Variable Rate.

Product Transfer (also known as a 'Rate Switch')

At the end of an initial fixed, tracker or discounted rate rather than moving to a new lender (as a re-mortgage), you can remain with the same lender and simply select a new interest rate. Typically, the borrowing amount and term remain the same, so makes for a simple alternative to re-mortgaging. It is important to note that this isn't necessarily the best value or lowest interest rate solution, but could be additional reasons for remaining with the same lender. This could be due to not meeting a new lender's affordability critieria or having poor credit since the initial mortgage was applied for. Or simply, not enough time before the initial period ends before changing to the Standard Variable Rate. If you wanted to borrow more, change the term or repayment type, this wouldn't be treated or assessed in the same way as a Re-mortgage application. 

What are the benefits of a Product Transfer?

• There is no legal process because you already own the property and remain with the same lender
• The application or request for a Product Transfer is such more simplified than a standard re-mortgage application
• No new credit search/score will be completed nor will the application be underwritten
• The new interest rate can be secured between 3 to 6 months in advance of the fixed rate ending, without incurring any Early Repayment Charges (depending on the lender)
• If the new rate is lower than the existing rate, you can start the new, lower rate sooner, without incurring any penalties
• The new interest rate will automatically start once the current fixed rate ends.

What are the disadvantages of a Product Transfer?

• ​It may not the best value solution nor the lowest interest rate

I always compare product transfer rates to re-mortgage rates withother lender's in the market place to ensure the best value or best suited slution is recommended.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it.

Please note that some mortgages, such as commerical Buy-to-Lets, are not regulated by the Financial Conduct Authority (FCA).