Looking to explore mortgage deals?
Finding the right lender can be a time-consuming and complicated process.
Luckily we're here to simplify your search and help you make an informed decision that suits your needs.
Compare the deal from your current lender with what you could get from other lenders, all in one convenient place.
What are product transfers (PTs)
PTs involve switching you from one mortgage to another with the same provider. With most lenders, you can complete the process in a matter of minutes, as your current lender already has all your details on hand. It's a straightforward solution that puts you in control.
Advantages of PTs:
- No legal fees or valuation charges
- No early repayment charges
- No credit checks or affordability checks
- No physical property valuation
Disadvantages of PTs:
A few of the downsides of a different mortgage with the same lender include:
- More limited choice of deals
- More difficult to take out more money on your mortgage
- You might not be able to add another person to the mortgage
What is remortgaging?
While PTs offer convenience, you should also compare deals from other lenders to make sure you're getting the right deal for you. Remortgaging with another lender could come with cost advantages that can help you save money in the long run.
Advantages of remortgaging:
- You can apply to borrow more or adjust the term of your mortgage
- You’ll have more options to choose from
Disadvantages of remortgaging:
A few negatives that come with moving to a different mortgage lender include:
- You might have admin fees or early repayment charges
- You’ll need to go through the full mortgage application process again