Remortgage with the same lender
When you switch mortgages with your existing lender, it’s known as a product transfer.
At Mojo, we can help you review both your remortgage and product transfer options, to see which offer the most benefits
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What is a Product Transfer?
Remortgaging is moving your existing mortgage to another deal, which can be with a different lender, or, the one you’re already with. A product transfer is simply remortgaging with the same lender. So you change the deal you're on with them, switching to a new rate, and sometimes a new term, loan amount or other special features.
This would typically be when your current deal ends, to avoid the lender’s SVR (standard variable rate) - which is usually higher.
Why remortgage with the same lender?
The biggest advantage of a product transfer is that it’s usually easier than remortgaging with a new lender.
When you switch mortgage lenders, you need to reapply for a mortgage - so eligibility and affordability checks, having your property valued, and getting solicitors involved are inevitable.
With a Product Transfer, you won’t usually need to do that unless your circumstances have changed, or you want to borrow more.
Your lender usually sends you their alternative rates at the end of your introductory period, just before you fall onto the SVR. You can select one and simply transfer your mortgage across to it.
SVR mortgages very rarely work out to be the best mortgage deal you can get. So product transfers tend to look tempting. Often all you need to do to remortgage with the same lender, is agree to the new terms. That's it – no extra checks, no solicitors, and no fees.
Why shouldn't you product transfer or remortgage with the same lender?
The main reason is that you could potentially be missing out on a better deal. Here’s why:
- 1.
Product transfers usually offer a handful of deals to choose from, not the thousands of deals found on the mortgage market. They are bound to look good compared to the SVR - which is typically the highest a lender offers - but another lender can often beat them
- 2.
When you remortgage with a new lender, they carry out a full valuation on your property – something that is not always the case with a product transfer. If you have equity in your home, your LTV will have fallen, meaning it’s likely you’ll have access to better mortgage rates. If you think the value of your home has increased since you took out your mortgage, this may be a better option
- 3.
You can't get a more flexible mortgage with a product transfer, only the rate changes. If you’re hoping to start overpaying your mortgage, not all mortgages allow this – without paying fees. This could be another reason that a product transfer isn’t suitable for you
What's the difference between product transfer and porting?
Both a product transfer and porting your mortgage involve staying with the same lender, but that's where the similarities end.
You port a mortgage when you move house, so you have to reapply for the same deal again, and keep the same rates.
With a product transfer you stay in the same house and are trying to switch rates, rather than stay on the same one.
You can check your product transfer options with Mojo - our mortgage advisors will show a side-by-side comparison of your product transfer options alongside the best alternative remortgage rates on the market – from over 70 lenders.
We found 93% of people offered a PT could save money by switching to a new lender. On average you could save £22 a month - that's £528 pound over a new 2-year fixed deal.
But, we’ve seen people save up to £281 a month.
Product transfer FAQs
It is very quick. You can do a product transfer with the same lender within 24 hours, so it can be a good option if your sole concern is avoiding the higher rates of the SVR.