Updated 24th November 2021.
Product Transfer Mortgage Advisors.
We are specialist product transfers advisor’s, our expertise can help you to find the right product transfer mortgage on the market to meet your specific requirements.
Importantly, brokers we work with are whole of market and offer completely unbiased advice. As such, ensuring that you get the absolute best deals available. If you are looking for a product transfer mortgage advisor, fill out a contact form online or call us now on 0300 124 5655
Scroll down for more information and FAQ’s about product transfer mortgages.
Product Transfer Topics.
- What is a product transfer?
- How long does a product transfer take?
- When would I product transfer?
- Product transfer procedure
- Product transfer rates and associated fees
- Help to Buy product transfers
- BM Solutions product transfer
- Speak to a product transfers mortgage advisor
What is a product transfer?
A product transfer is when you change your existing mortgage deal to a new deal with your existing lender. In short, this is the same as remortgage but staying with the same lender.
However, some clients are unaware of product transfers being an option.
If your circumstances have changed since you initial took out your mortgage, then this could be the best option for you.
Some lenders will allow you to do a product transfer directly with them, others are only available through a mortgage broker.
If your product transfer directly with the lender this is an “unadvised sale” Therefore, the best advice is to always speak to a product transfers mortgage advisor.
The product transfers mortgage specialist will review your entire circumstances and advise on the best way forward.
How long does a mortgage product transfer take?
Most product transfer can be completed within 7 days , in most instances it can be completed the same day.
There is less paperwork involved in a product transfer and this can speed up the process. You won’t need a new valuation or incur any legal costs.
When would I product transfer?
Firstly, most lenders will allow you to product transfer within 3 months of your current product ending.
If you are keeping the mortgage balance and mortgage term the same the lender will allow the product transfer with no background checks.
Secondly, there are some specialist lenders who do not offer the option of product transfers.
Speak to a product transfers mortgage specialist for the most up to date advice.
Product transfer procedure.
The process is normally very straight forward. If you are doing a “pound for pound” transfer, then no other checks are needed, because the mortgage lender will use an automated valuation tool to determine the current value of your property.
Generally, if you disagree with the valuation and which to challenge it. However, there would be a valuation fee to pay.
In addition, the ability to perform a product transfer quickly can also be a big factor when looking at options.
Before the product transfer has been “offered” by the mortgage lender they will issue a variation agreement for the client to sign and confirm they are happy with the new deal.
Product transfer rates and associated fees.
Most lenders will offer products with either no arrangement fee or charge a product fee which can be added to the loan.
For instance, interest rates will be lower when incurring a product fee. Always remember, the lower interest rate is not always the best product transfers mortgage deal.
For the most part, high street lenders have recently started to improve the product transfer rates available, in other words opting for customer retention over chasing new customers, this is especially true since the start of 2020.
Help to Buy product transfers.
If you have a Help to Buy mortgage you can still product transfer. When your product transfer you cannot repay any of the equity loan this way.
If you want to repay some or all the equity loan you will need to remortgage and raise capital out of your property.
Read our remortgage article to see all the options available to you. In this case it’s essential to speak to a remortgage advisor about all the options available to you. Enquiry today to speak to an advisor today.
BM Solutions product transfer.
BM Solutions only allow product transfers via a mortgage broker. Firstly, the brokers we work with don’t charge a fee for this service. However, they will review your entire circumstances to ensure a product transfer is the best options available.
Secondly, they will ensure any protection needs are covered and if you have any current policies in place that they are still suitable.
Your mortgage broker will make sure that all angles are covered and you are in the best position possible when doing your product transfer.
Speak to a product transfers mortgage advisor.
Our product transfers mortgage experts will look at each case before deciding which lender is right for you and your individual circumstances.
Because all the mortgage brokers we work with are whole of market and offer independent, unbiased advice.
Coupled with them having access to all the specialist lenders and access to product transfers that aren’t available to the general public.
Therefore, the expert advisors we work with have experience in dealing with all aspects of product transfer mortgage and crucially use the whole of the market to access the best deals available.