If your current mortgage deal is coming to an end, you might be wondering what to do next. One of the simpler routes is to remortgage with your existing lender. This is known as a product transfer and it allows you to move straight into a new deal without switching providers.
For many homeowners, remortgaging in Beverley this way can feel like the easiest choice. It often involves less paperwork and fewer checks, since your lender already has most of your details on file. But while convenience is definitely a benefit, it’s still important to check whether it’s your best option financially.
What is a Product Transfer?
A product transfer means agreeing a new mortgage deal with the same lender once your current one finishes. It’s usually quicker than switching lenders and doesn’t tend to involve full affordability checks or property valuations, unless you’re looking to borrow more.
If your repayments have been steady and your circumstances haven’t changed, your lender will typically offer a few new deals for you to choose from. You might be tempted to pick one straight away, especially if the process feels smooth, but there are a few things to weigh up before locking it in. For tailored remortgage advice in Beverley, it’s always worth speaking to a local expert who understands what’s available.
Looking Beyond the Interest Rate
While staying with your lender might seem appealing at first glance, it’s worth comparing their offers against what’s available elsewhere. There could be better rates or terms on the wider market that might save you money in the long run.
A slightly lower interest rate with another lender could make a noticeable difference to your monthly payments. It’s not just about the numbers either, some lenders offer added flexibility with things like overpayments, payment holidays, or the ability to port your mortgage in future. These small details can really matter, depending on your plans.
Understanding Fees and Charges
When deciding whether to stay or switch, think about the costs involved too. A product transfer with your current lender often comes with little to no fees. On the other hand, moving to a new lender might mean paying valuation fees, arrangement charges, or legal costs.
It’s not just about avoiding upfront costs though. Even if switching means paying some fees now, you could still be better off overall if the interest rate is significantly lower. That’s why it’s always a good idea to weigh up both the short-term and long-term impact before making a choice.
Is your lender still the right fit?
Sometimes, your current lender might not offer the type of mortgage that suits your needs anymore. If your circumstances have changed, maybe you want to release equity, change the mortgage term, or adjust the structure of your repayments, you might find more flexible options with another provider.
Different lenders have different criteria, and what suited you a few years ago might not be the right fit today. Exploring your options can help ensure that your new mortgage works better for your situation now and into the future.
How a Mortgage Broker in Beverley Can Help
Working with a mortgage broker in Beverley like ourselves, we take the guesswork out of the process. takes the guesswork out of the process. Our team of mortgage advisors in Beverley can look at your current deal, listen to what you’re hoping to achieve, and check the full market to see what’s available.
If staying with your lender turns out to be the best option, we’ll tell you. If there’s a better deal elsewhere, we’ll guide you through the switch. Our goal is to help you find better mortgage in Beverley without the stress of navigating it all alone. From paperwork to lender communication, we’ve got you covered.
Date Last Edited: May 29, 2025
