Product Transfers

Mortgage Deal Ending Soon?
What You Need To Know About Product Transfers
If your current mortgage deal is coming to an end over the next few months, you may be wondering what your next step should be. One of the simplest options is a product transfer – switching to a new mortgage deal with your existing lender. At Newquay Mortgage & Pensions, we can assist even if you haven’t previously used our services. We can process a product transfer with your existing lender, free of charge.

What is a Mortgage Product Transfer?

A product transfer allows you to switch to a new mortgage deal with your current lender, without going through the full remortgage process. It’s ideal for borrowers who:

• Prefer a quick, hassle-free switch
• Want to avoid any legal and valuation fees
• Are happy with their current lender’s service
• Don’t need to borrow any additional funds

When Can I Secure a New Product?

There is some variation but most lenders allow you to lock in a new product 3 to 6 months before your current rate expires. Acting early can assist in securing the best deal and ensure a smooth transition, without falling onto your lender’s Standard Variable Rate (SVR).

Will I Need to Pay Fees?

Product transfers typically come with no legal fees, no valuation fees and we will process a product switch with your existing lender without charge.

Some products come with an arrangement fee, which in some cases can make financial sense.

Can I Change My Mortgage Terms?

Many lenders allow you to make adjustments at the point of product transfer, although certain changes may involve the collection of documents for affordability checks. Typical changes may include:

• Shortening or extending the mortgage term
• Switching between repayment and interest-only

Should I Use a Broker for a Product Transfer?

Going through a mortgage adviser such as Newquay Mortgage and Pensions offers several advantages:

• We compare your existing lender’s products with whole of market alternatives to see whether a full remortgage might offer better value
• Explore whether a fee product could make financial sense
• We will monitor the rates up until the point of completion so if a better rate becomes available, we can secure it for you
• We handle the paperwork and liaise with the lender for a smoother process
• Assist in the best way to handle any overpayments

Even if you remain with your current lender, our guidance helps ensure you’re selecting the most suitable product.

Can I Borrow More During a Product Transfer?

Many lenders allow you to increase your borrowing during a product transfer, potentially to fund home improvements or consolidate debt. This is known as a further advance and generally requires affordability checks and underwriting. In these scenarios, we can help explore whether a further advance or a full remortgage is most cost effective.

What Happens If I Do Nothing?

If you don’t act before your current deal ends, you will likely revert onto your lender’s Standard Variable Rate (SVR), which is generally significantly higher than fixed or tracker rates. This can lead to:

• Higher monthly payments
• Reduced financial stability
• Missed opportunities to save

We recommend reviewing your options at least 3 months before your deal ends to avoid this scenario.

Can I Switch to a Tracker or a Fixed Rate?

Product transfers typically allow you to choose from your lender’s available fixed or tracker rates. We can help you weigh up the pros and cons based on:

• Current rates and projections
• Your risk tolerance
• Future plans (moving, selling, overpaying etc.)

We can help…

At Newquay Mortgage & Pensions, we provide independent, FCA regulated advice to help you understand all your options.

We can assist those located throughout England and Wales.

We can assist even if you haven’t previously used our services and can process a product transfer with the same lender, free of charge. In many cases we only need your basic details, lender name and mortgage account number to get started.

Get in touch for a no obligation initial conversation, free of charge.

Call us: 01637 851444

Contact us via email: info@nmandp.co.uk

Complete our online form: http://nmandp.co.uk/mortgage-application/