Product Transfers
- Find out if you can save money with a product transfer
- Lock in a new rate before your current deal expires
- Get FREE mortgage advice for your product transfer
The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on your mortgage.
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We’ll carry out a full market cost comparison to make sure you’re getting the best deal
Get access to exclusive rates that you won’t find when going direct to the lender
We donate £20 to charity for every completed product transfer
Mortgage rates for existing customers
A product transfer, also referred to as ‘mortgage rates for existing customers’, is typically the quickest and easiest way to secure a new mortgage deal. However, a product transfer doesn’t always offer the most competitive rates. In some cases, existing customers do not have access to the same competitive deals that new customers get access to. This is known as the ‘loyalty tax’ on existing customers which can penalise rather than reward their loyalty.
To ensure you’re getting the most suitable and cost-effective mortgage deal we’ll carry out a full market cost comparison to compare rates offered by your current lender with those available elsewhere on the market.
Whether you’re an existing client of Farnham Finance, or a new client, we’ll complete your product transfer free of charge.
The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on your mortgage.
Product transfer mortgage FAQs
What is a product transfer?
Do you need a mortgage broker for a product transfer?
You could contact the lender directly to ask about mortgage rates for existing customers, however they are not able to offer advice on which mortgage product is most suitable for your circumstances. By working with a mortgage broker you can get expert advice tailored to your needs. An advisor will explore all options to recommend the more cost-effective and suitable mortgage deal for you. They’ll also be able to see how deals with your existing lender compare to deals with a different lender. What’s more, some brokers have access to exclusive deals or rates that you won’t find when going direct to the lender.
Some lenders, for example Birmingham Midshires or Precise will only offer their Product Transfers through Brokers.
Who is eligible for a product transfer?
A product transfer is usually straightforward if:
- Your financial situation hasn't changed significantly since you took out your original mortgage
- Your mortgage payments are up to date
- Your current deal is ending soon
- Your LTV ratio is within a favourable range
When can you apply for a product transfer?
Most lenders allow you to apply for a product transfer 3 to 6 months before your current mortgage deal ends. This gives you enough time to lock in a new rate and avoid being moved onto the lender’s Standard Variable Rate (SVR), which is usually higher.
Some lenders may allow you to apply for a product transfer before your current deal ends. However, you could be liable to pay an Early Repayment Charge (ERC) if you exit your current mortgage deal early. The penalty for exiting early could be thousands of pounds and the longer you have left on your current mortgage deal, the higher the penalty will be.
If interest rates have dropped or your financial situation has improved significantly, an early product transfer could be worth considering despite the potential costs.
Does a product transfer affect your credit score?
In most cases, a product transfer with the same lender will not affect your credit score because it does not involve a hard credit check. Your existing lender already has your financial details and mortgage history, so they typically do not need to conduct a full credit assessment. However, maintaining regular mortgage payments is key to protecting your credit score.
If your financial circumstances have changed significantly since you first took out your existing mortgage, you might not be eligible for a straightforward product transfer and you might need to make a full application which would involve a credit check.
Product Transfer vs Remortgage - What’s the difference?
The key difference between a product transfer and a remortgage is the lender. A product transfer is when you stay with the same lender. Whereas, a remortgage involves switching to a new lender, taking out a new mortgage and paying off your existing lender.
A product transfer is typically simpler, faster and cheaper but it limits you to your current lender’s products. When remortgaging you have access to a wider choice of lenders and products. A remortgage can offer more competitive rates and flexible options but it requires a new application and will usually take longer to complete.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
MEET YOUR ADVISER
Meet Robert Lewis-Crosby
Robert is an experienced mortgage adviser specialising in landlord and portfolio mortgages. He has a customer- centric philosophy towards understanding customer needs and delivering value – this is reflected in everything he does from his communication style to his low advice fees. Speak to Robert today about your mortgage requirements.
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The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on your mortgage.