A product switch also known as a product transfer is where we select you a new product from the same lender you currently have a mortgage with. While this is not a new concept, it is less well known than traditionally remortgaging.
Contact Us to see if a product transfer is right for you
Advantages
- No full property valuation needed in most cases
- No credit checks normally required
- No proof of income normally required for the lender
- Less paperwork involved
- Not usually any legal steps involved
Disadvantages
- Possibly higher interest rates
- Limited options
- Your lender may not have an up to date value of your property
- Need to be up to date with your current mortgage repayments
- No additional borrowing
If you a considering a product switch then please speak to us as getting advice on this is very important as this may not be your cheapest or only option. To compare and find out what is involved with remortgaging to a new lender then check out our blog How Do I Remortgage? Or…
Contact Us to speak to your expert mortgage adviser about what options are right for you.
