Cashback Remortgages · Staying with your lender
Product Transfer Mortgage Advice
A product transfer changes the mortgage deal with your current lender rather than replacing it with a new lender's mortgage. It can be an option when your current deal is ending, but the available offers and process depend on the lender and your borrowing needs.
What changes—and what might not
You may select a new initial rate or deal period while retaining the existing mortgage account. A straightforward rate change can involve less administration than a lender switch. It is not safe to promise that all transfers avoid valuation, affordability or credit checks.
A request to increase borrowing, change owners or alter other terms may follow a different process. Tell the adviser exactly what you want to change, not just the rate you would like.
Compare staying with moving lender
Check the current lender's product range, fees and start-date rules alongside suitable remortgage options. Include the cost of legal work, valuation and any early repayment charge on the alternative. Existing-lender convenience can have value, but does not establish that the rate is best.
If a fee is added to the mortgage, compare the balance and interest as well as the monthly payment. Product availability or repricing before the start date follows the lender's rules; it is not automatically adjustable.
Plan around the current deal and offer window
Check when the lender will make new products available to you, when a selection can take effect and whether choosing a new product creates any commitment. Do not assume all lenders open a six-month window.
Keep written confirmation of the chosen product, fees and effective date. If you are offered product-transfer cashback, confirm the separate eligibility and payment conditions; it is not added to remortgage cashback for the same transaction.
Your questions, answered
Can I borrow more as part of a product transfer?
Possibly, but additional borrowing may be a separate application with affordability and property checks. Ask the lender or adviser about the process rather than assuming it is included in a simple deal switch.
Do I need to move my bank account?
A mortgage product transfer concerns the mortgage deal. Any associated account requirements depend on the actual product; check the terms rather than assuming a universal rule.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.