Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

Mortgage product transfer vs. remortgage

When it comes to managing your mortgage, there often comes a point where you need to make a decision that could significantly impact your financial future. Two common options that homeowners consider are mortgage product transfers and remortgages. While both choices offer unique advantages, the importance of seeking advice from a professional mortgage adviser cannot be overstated. Let’s explore the differences between a mortgage product transfer and a remortgage.

Mortgage product transfer

A mortgage product transfer is a process where you switch from one mortgage deal to another with your existing lender. This can be an attractive option if your current deal is coming to an end and your lender offers you a new deal to consider. The key benefits of a mortgage product transfer include:

a. Simplified process: A product transfer is often more streamlined and involves less paperwork compared to a full remortgage.

b. Lower costs: Product transfers may involve lower upfront costs, as you might avoid valuation fees and legal expenses.

c. Speed: In some cases, a product transfer can be completed more quickly than a remortgage, making it a suitable option if you're looking for a swift resolution.

Remortgage

A remortgage involves switching your mortgage to a new lender or a new deal with your existing lender. This option is usually considered when you're looking for better interest rates, improved terms, or to release equity from your property. Some notable advantages of remortgaging include:

a. Improved rates and terms: Remortgaging can potentially lead to lower interest rates and better terms, resulting in long-term savings.

b. Accessing increased value in your property: If the value of your property has increased since you first took out your mortgage, remortgaging can allow you to release some of that equity for other financial needs.

c. Flexibility: Remortgaging opens up the possibility of switching to a different type of mortgage that aligns better with your current financial goals.

While both mortgage product transfers and remortgages offer their own set of advantages, the decision-making process can be complex and overwhelming. This is where the expertise of a professional mortgage adviser becomes invaluable.

Remember, when it comes to mortgages, knowledge truly is power, and a mortgage adviser is your key to unlocking that power. Get in touch today.

SPEAK TO AN ADVISER

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.

Related

How can a critical illness insurance policy help

How can a critical illness insurance policy help

Did you know that critical illness insurance can provide an extra security net? Waiting times for el...

Read More >
Protecting Your Family’s Financial Security with Life Insurance

Protecting Your Family’s Financial Security with Life Insurance

When you buy a new home, you're often making one of the largest financial commitments of your li...

Read More >
Your dream garden can be within reach – unlock the equity in your home

Your dream garden can be within reach – unlock the equity in your home

Spring is just around the corner, and with the promise of warmer days and blooming flowers, many hom...

Read More >
Can Equity Release help pay off your Interest-Only mortgage?

Can Equity Release help pay off your Interest-Only mortgage?

During these time of financial uncertainty many homeowners with interest-only mortgages may ask them...

Read More >
How does Critical Illness Cover work?

How does Critical Illness Cover work?

Critical Illness Cover is something we are passionate about. Protection is crucial to safeguard agai...

Read More >
Looking to buy this summer? Let’s get your preapproval sorted!

Looking to buy this summer? Let’s get your preapproval sorted!

Did you know that the summer months typically see an increase in home sales? We thought we’d put to...

Read More >

What our clients say...

Latest Blog

How can a critical illness insurance policy help

Did you know that critical illness insurance can provide an extra security net? Waiting times for el...
Read More

Avoid NHS waiting times with private medical insurance

Did you know private health insurance can provide an essential safety net? You’ll be able to access...
Read More

Using Equity Release for Home Improvements or Care Needs

As you approach the ‘Golden Years’, are you considering whether to stay at home or move into care?...
Read More

Insuring a Heritage Property? What You Need to Know

There is a lot of love for those beautiful older houses, from the Tudor era to the popular Edwardian...
Read More

Remortgaging This Year? Fixed vs Variable Rates

Do you hold one of the fixed rate COVID-era mortgages coming to an end this year? Unfortunately, the...
Read More

How to restart your budget ahead of summer!

With the sun on our faces and the right approach to your end-of-summer spending, you can achieve you...
Read More

How to stay active through summer! (and how health insurance can help)

With the warmer weather approaching, it’s a great time to get active without hitting the gym! We’v...
Read More

What protection do you need in place to have a worry-free summer?

Summer’s here—time for garden BBQs, beach escapes, and maybe even a cheeky weekend away. But while...
Read More

Avoid these mistakes when buying insurance

General insurance—whether it’s for your car, home, travel, or health—is a crucial financial safet...
Read More

How to use equity release for a new garden renovation or a dream holiday

Using equity release to fund a garden renovation or a dream holiday can be a smart move if done wise...
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top