Remortgage
A remortgage is when you apply for a new mortgage with a different lender but stay in your current home.
It is best to start looking at your options early, generally six months before your current mortgage deal expires and well before your mortgage reverts to a follow-on rate, or your mortgage provider’s standard variable rate. Allowing you to take advantage of the most competitive products available across the whole mortgage market.
Your property is also likely to be worth more which could mean you have access to a wider range of mortgage products than when you originally or previously arranged your mortgage. At the same time you may also be able to raise money for home improvements, consolidate other debts, gift to family or a particular project or purchase you have in mind.
Changes in your life such as starting a family, a new job or changes to your income could mean your mortgage no longer suits your needs. Remortgaging gives you the opportunity to arrange a mortgage that is more suitable and relevant to you now and in the future.
Product Transfer
A product transfer is when you change your current mortgage product to a new one with the same lender. If applicable your current mortgage lender will make product transfer products available between three to six months before your current deal comes to an end.
Product transfers can be a good way to take advantage of a new deal while reducing the costs, however a number of lenders offer incentives such as a free valuation and free legal fees to remortgage customers, so its worth looking at all the options before you make any decision.
As with all mortgages it is important you receive the right advice.
We consider all the options available to you, whether it’s a product transfer with your current lender or a remortgage to a new lender, all our recommendations are based on what’s right for you. See our full range of mortgage options.
