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Mortgage Product Transfer

The rate on your mortgage ends in a few months! – What should you do?

People don’t move house every few years so if you have a mortgage this likely applies to you. Mortgage deals usually have a fixed term before they then move over to the Lender’s standard variable rate – which is customarily high. At this time you need to make sure you negotiate the best new deal for yourself and your family. How? We will help.

Essentially, if you are up to date with all of your mortgage payments then you will likely have 2 options.

  1. Remortgage by switching to a better deal with new lender
  2. Product Transfer by switching to a new deal with your current lender

A Product Transfer is not a new mortgage. It is basically arranging the best deal you can with your existing mortgage lender. Most lenders nowadays will do this for their customers but not all of them will offer their best deals to existing customers. This is why, in the long-term, a remortgage may work out a more financially beneficial option.

However, there are a number of reasons why a product transfer might be right for you. A product transfer does not involve a new underwriting assessment and may not involve a credit search. Usually there is no need for a valuation survey to be undertaken or a requirement for you to provide various proofs such as payslips or bank statements. This can be helpful for instance if you have recently become self-employed or are in the middle of doing the house up.

Sometimes we are able to change certain elements of an existing mortgage, but not always. We do not charge a fee to carry out a product transfer for existing customers. Talk to us if you have any questions.

At Prospect, we will always carry out assessments for customers free of charge to advise on which route is best – remortgage or a product transfer.

Why not let us do that for you – you have nothing to lose and the savings can be significant.

Book an appointment (either face to face or by telephone) using the link on the right of the screen or, alternatively contact us via or by calling 01983 616666.


Your home may be repossessed if you do not keep up repayments on your mortgage

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