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What’s better: A Product Transfer or a Re-Mortgage?

It’s hard to know which will suit you best and your decision will be dictated by your circumstances at the time. Let’s take a look at the differences between a Product Transfer and a Re-mortgage.

Product Transfer

Usually at the end of an existing fixed rate period, you will move to your lenders standard variable rate.  This could substantially increase your monthly payments.  A Product Transfer will allow you to switch to a different mortgage product with your existing lender.

Benefits of a Product Transfer

  • Unlike when you took out your initial mortgage, there’s no detailed application to be completed so the process is quick and easy
  • You’ll have no fees to pay as solicitors and conveyancers are not required
  • Dealing with your existing lender means there’s no need to meet affordability criteria (as long as you haven’t missed any payments)
  • Only if you’re applying to borrow more will you need to meet affordability criteria
  • A Product Transfer to a new fixed rate and period will save you money when compared to the lenders standard variable rate
  • Finance Expert Ltd we will not charge a fee to arrange a Product Transfer


When you re-mortgage, you’re arranging a new mortgage via a new lender.  You will therefore need to meet the new lenders affordability criteria.  This will involve supplying up to date information to your broker that allows completion of the application.  There may also be a charge for a valuation of your property and Solicitors and Broker fees.

Benefits of Re-mortgaging

  • You may want you increase the amount you want to borrow; e.g. to raise capital for renovations
  • Your broker can search across the market to find the most suitable deal for your circumstances.  Particularly important if circumstances have changed since you applied for your existing mortgage

Whichever option you choose, Finance Expert Ltd will support you through the process, dealing with lenders etc so you don’t have to.