Remortgage

Product transfer vs remortgage: which is right for you?

When your current mortgage deal ends, you have two main choices: stay with your existing lender on a new rate (a product transfer), or move your mortgage to a different lender (a remortgage). Both can be sensible. The right one depends on your circumstances, and that is exactly the kind of thing worth talking through with an adviser.

What is a product transfer?

A product transfer is when you switch to a new deal with your current lender without moving your mortgage elsewhere. There is usually no new affordability assessment, no legal work, and no property valuation in most cases. It is quick and involves minimal paperwork. The trade-off is that you are limited to whatever deals your existing lender offers, which may not be the most competitive rates on the market.

What is a remortgage?

A remortgage moves your mortgage to a new lender. It opens up a wider range of options, so you can potentially access a better rate or different terms. It also lets you borrow more (for home improvements, for example) or change the structure of your mortgage. The trade-off is that it involves a full application, an affordability check, a property valuation, and legal work, so it takes longer and may involve some costs.

When a product transfer often makes sense

Your current lender is offering a competitive rate
Your circumstances have changed in a way that might make a new affordability check harder (reduced income, new credit commitments)
You want speed and simplicity with minimal paperwork
Your loan-to-value or property situation makes remortgaging awkward
You are happy with your current lender and do not need to borrow more

When a remortgage often makes sense

Better rates are available elsewhere than your lender will offer
You want to borrow more than your current lender will allow
You want to change your mortgage type or term
Your home has increased in value, improving your loan-to-value and unlocking better rates
Your financial situation has improved and you would pass a fresh affordability check comfortably

The honest answer

There is no universal winner. A product transfer is often quicker and easier, but a remortgage can save more over the term if a materially better deal is available elsewhere. An adviser compares your existing lender's product transfer offer against the range of options, factors in any fees and legal costs, and shows you the real cost difference over the deal period, not just the headline rate. That is the comparison that actually matters.

Not sure which is right for you?

That is exactly what we are here for. A quick conversation with an adviser will give you a clear answer based on your situation.

Review my remortgage options Speak to a mortgage adviser

Major Money Matters Ltd is an appointed representative of Sesame Ltd. Your property may be repossessed if you do not keep up repayments on your mortgage.

Reviews

What our clients say

Real reviews from clients across Romford and Essex, verified on Google.

Rated 5.0 out of 5 from 92 Google reviews Read the reviews on Google

    
 
 
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   Paul Maysmith 
 
 
 
 Trustindex verifies that the original source of the review is Google. Always a great experience. Thanks to Mark Potter, Chantel Smith on the mortgage side and Oliver Alan on the insurance. Can't recommend the team highly enough.
  
 
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   Ramona Iuga 
 
 
 
 Trustindex verifies that the original source of the review is Google. 5 stars service,Mark and the team always offer a great service and support all the way,highly recommended.
  
 
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   Fancy Window Cleaners 
 
 
 
 Trustindex verifies that the original source of the review is Google. Excellent service from Mark and the team as always.
  
 
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   Kelly Sainty 
 
 
 
 Trustindex verifies that the original source of the review is Google. The second time we’ve used major money matters and cannot fault anything! Both Mark and Chantel as helpful as ever
  
 
      Posted on Google  
   
   Amy Phillips 
 
 
 
 Trustindex verifies that the original source of the review is Google. A huge thank you to Billy for all his support throughout my mortgage process. He was knowledgeable, approachable, and always happy to answer my questions, making everything easy to understand and much less stressful. His advice and guidance were invaluable, and I always felt confident I was in good hands. I really appreciate all his help and would highly recommend him to anyone looking for a fantastic mortgage advisor. Thank you, Billy!
  
 
      Posted on Google  
   
   Robert Larkey 
 
 
 
 Trustindex verifies that the original source of the review is Google. Top quality service no fuss straightforward advice and actioned quickly once right product decided on
  
 
      Posted on Google  
   
   Montell Chukwu 
 
 
 
 Trustindex verifies that the original source of the review is Google. I was recommended major money matters through a friend and they haven’t been short of fantastic, Oliver Potter who handle my mortgage offered a perfect service, can’t recommend them enough!
  
 
      Posted on Google  
   
   Billy Camden 
 
 
 
 Trustindex verifies that the original source of the review is Google. The whole team at Major Money Matters are an absolute dream to work with. Their expertise, speed and friendly approach made what we thought was going to be an arduous process quick and simple. Mark, Oli and Lee were always just a phone call away if we had any questions and provided clear and easy to understand advice/guidance. We would recommend their services to anybody.

Want this weighed up for your own situation?

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