Choose a new product before falling onto a lenders SVR rate.
Re-mortgaging to a new lender V Product Transfers
Your current selected product won’t last forever. Whatever type of mortgage you chose will need to be readjusted at some point.
The best 2 options to consider are either a new lender, or remaining with your current lender, and picking a ‘Product Transfer’.
6 months before your current deal expires is the time to start looking.
Below are some pointers on how the 2 options differ.
So What is a Re-Mortgage?
This is when you actually move to a new lender, and here are some points to consider. If this route is chosen you are also able to potentially increase your loan, and use any equity within the property.
It is considered a full mortgage application, and will be fully underwritten, with a property valuation.
You could also extend or reduce the term, or switch the repayment type (repayment to interest only).
You will have to provide evidence of income, bank statements and a hard credit search will be placed.
Let me show you what rates other lenders are willing to offer!
Or is a ‘Product Transfer’ the better choice?
This is when you remain with the same lender. No material changes are made to the loan, it is purely the time to choose an new product. The lender will present what products they can currently offer you.
There is no underwriting and it is instant. As long as there are no arrears, the new product is guaranteed.
No underwriting means you will not have to declare income, debts, or any employment information.
There is no valuation and no legal work required, so this can save you money.
If this sounds easier, let me show you what options your current lender is offering!
Always start 4-6 months before your current deal ends. Get in touch and let me show you all the options available to you.
