Rather than your current mortgage move onto the mortgage lender’s standard variable rate at the end of your special rate period, you could consider a product transfer. In simple terms a product transfer is an alternative solution to remortgaging to a new mortgage lender.
An increasing number of people have started to use this option as typically the process is relatively quick and straight forward with no need for a valuation survey or legal work. Normally your current mortgage lender will write to you 3-4 months in advance of your current special rate period ending. They will provide you with a list of options for you and ask you to choose which one you would like.
What is missing in this process?
In a word……advice!
If you complete a product transfer directly it is you that has to choose and decide if the product is best for you. The mortgage lender cannot advise you on what best suits your needs.
So is this the best solution for you?
For our clients we assess the product transfer options offered by your current mortgage lender against the remortgage options available from whole of the market to determine which product ultimately best suits your needs. If this analysis confirms that the product transfer is the best solution then we can complete the process for you at no cost to you.
Why is this analysis important?
In simple terms it confirms what your best mortgage solution is and gives you the peace of mind that you have the right product going forward.
Additionally, some mortgage lenders offer better product transfer rates through mortgage advisers than they do directly to the client so a product transfer through ourselves provides the added reassurance that the right solution has been found for you.
If you want to check the best mortgage solution for your circumstances why not take advantage of a free initial consultation to see if the whole of market answer is remortgage or product transfer?