Product Transfer Mortgage

Our product transfer mortgage services allow you to port your existing mortgage. Contact Jones & Young today to discuss your product transfer mortgage. 

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What is a Product Transfer Mortgage?

A Product Transfer Mortgage is a type of refinance arrangement where you switch your current mortgage product provided by your existing mortgage lender to a different product with the same lender.

The main reason homeowners typically do this is to find a rate mortgage or deal that suits them better. When your initial mortgage rate comes to an end, this arrangement allows you to avoid your mortgage lender transferring you to its standard variable rate which may not be the best deal available.

How does a mortgage product transfer differ from a remortgage?

While a mortgage product transfer involves staying with your current lender and selecting a new product, remortgaging means switching to a new lender or a different mortgage product with your existing lender. With a remortgage, you may have to go through a full mortgage application process, including a new valuation and credit check.

When should I consider a mortgage product transfer?

A product transfer may be worth considering when your current mortgage deal is nearing its end, and your lender offers a new product with more favorable interest rates or terms. It can be a simpler and quicker process compared to remortgaging, especially if your circumstances haven’t changed.

Can I switch to a new mortgage deal with my current lender?

Yes, if your lender offers product transfer mortgages, you can typically switch to a new mortgage deal with them. You might have the option to choose from fixed-rate, variable-rate, or other types of mortgages, depending on what your current lender offers.

How does the mortgage product transfer process work?

The product transfer mortgages work by allowing the borrower to switch their original mortgage product to a different one offered by the same lender. The borrower can adjust the terms according to changes in personal circumstances like a change in repayment ability or tenure. The mortgage arrangement terms include adjusting the new rate, monthly mortgage payments, and the mortgage term.

What are the advantages of a Product Transfer Mortgage?

A Product Transfer Mortgage has several advantages:

Better Mortgage Rates

Firstly, it can give you access to a better mortgage rate, which can lower your monthly mortgage payments

Save Time

It can save you from the hassle of finding and switching to a new mortgage lender.

Quicker

The process for transferring your mortgage is usually quicker and less cumbersome than remortgaging.

What are the disadvantages of transferring a mortgage product rather than remortgaging?

The disadvantages of just transferring your mortgage instead of remortgaging include:

So it’s best to get professional advice to compare all options rather than just transferring with your existing lender.

It's restrictive - you only see deals from your current lender instead of shopping around.
Your current lender won't advise you about better rates available elsewhere.
You could miss out on a cheaper overall deal and the option to reduce your monthly payments.
If you borrow more money on top of your current mortgage, the additional funds may have a different interest rate and end date.

This can complicate remortgaging with a new lender later.

Specialist Mortgage Advice To Help You Secure The Home You Deserve!

90-95% Loan to Value (LTV)

Loan to Value(LTV) options typically 90-95%

Trusted Advice

Clear and concise advice around the best options for your needs.

Communication

Helping customers cut through the noise to understand things their way.

Gross Pay Used

The Lenders average your income over the last 3 months' GROSS pay. Not the net amount from your tax calculations.

Specialist Rates

We offer competitive rates ensuring the best price for our customers

30+ Years As Mortgage Advisers

Providing business owners and the self employed with mortgage advice

Individual Tailored Advice For Mortgage & Protection

Tailored advice recommended for your personal situation

Whole Of Market Access

Access to the whole of market mortgage market to find you the best deal

Read What Our Recent Clients Say About Our Product Transfer Mortgage Service

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Product Transfers FAQs:

We’ve done our best to try and answer some of the most frequently asked questions about product transfer mortgages.

What are the advantages of a Product Transfer Mortgage?

 A Product Transfer Mortgage has several advantages. Firstly, it can give you access to a better mortgage rate, which can lower your monthly mortgage payments. It’s also a chance to adjust terms according to your current financial situation. Secondly, it can save you from the hassle of finding and switching to a new mortgage lender. Lastly, the process for transferring your mortgage is usually quicker and less cumbersome than remortgaging.

Eligibility for a Product Transfer Mortgage may vary based on the lender’s policies. The most common factors lenders consider include your mortgage balance, credit history, current income, affordability, and any changes to your circumstances since your original mortgage was taken out. It’s essential to speak to a mortgage broker or contact your existing mortgage lender to understand the prerequisites.

Generally, the opportunity to borrow more money when transferring your mortgage to a new product is subject to the lender’s criteria 

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