Product Transfer
A product transfer (also known as a product switch) is the process of switching from one mortgage deal to another with the same lender, rather than re-mortgaging with a different lender. This allows existing borrowers to move from their current mortgage product to a new one that may have better terms, such as a lower interest rate or different repayment options.
It can be a more streamlined process than switching to a new provider, as it may not be necessary for the lender to complete a credit check as they already have your financial information on file and can assess your eligibility based on your
existing mortgage history.
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Specific details and procedures for product transfers may vary between lenders and there may be some costs to consider.
These may include:
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An early repayment charge to your mortgage product if you are still within the initial term of your mortgage.
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A product transfer fee for switching to a new product.
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Charges for a valuation
By speaking to one of our advisors, we can inform you of the most up-to-date information and discuss your individual circumstances and options to help you decide if a product transfer is the right option for you.