FAQ's

A product transfer is when you switch your current mortgage deal to a new one with the same lender. It usually happens when your fixed, tracker or discounted rate period ends, and you want to avoid moving onto your lender’s Standard Variable Rate (SVR).

Ideally, 3 to 6 months before your current deal ends. This gives you time to compare options and avoid falling onto the Standard Variable Rate.

It’s usually very quick — often just a few days. Some lenders even allow you to complete it online or over the phone with minimal paperwork.

It depends. A product transfer is simpler and quicker, but you’re limited to your current lender’s deals. A remortgage might get you a better interest rate or more flexible terms, but it can take longer and require more checks.

Yes, some lenders allow you to borrow more (known as a “further advance”) as part of the product transfer process. However, this could trigger additional checks and may come with a different interest rate.

Not usually. Most lenders won’t carry out a credit check or full affordability assessment for a straightforward product transfer, unless you're making changes to your loan amount or term.

No. Since you’re staying with the same lender and not changing ownership or borrowing more money, solicitors are not typically needed.

Yes! At Drummonds Finance Group, we can help you: Review your lender's current offers Check if a remortgage is better value Handle all the paperwork for you

Your existing lender will normally offer you a selection of new mortgage products. You choose the new rate you want and, once the switch takes place, your mortgage remains with the same lender but moves onto the new product.

This depends on your lender. Many lenders allow existing customers to secure a new mortgage rate several months before their current deal ends. It is a good idea to review your options early so you have time to compare a product transfer against remortgaging.

Some product transfer mortgage deals have no product fee, while others may charge a fee in return for a lower interest rate. We can compare the total cost of the available deals rather than simply choosing the lowest headline rate.

A new physical valuation is not normally required for a straightforward product transfer. Your lender may use its existing valuation or an automated property valuation when determining which loan-to-value products are available to you.

If you do not arrange a new deal, you will normally move onto your lender's standard variable rate or another follow-on rate stated in your mortgage agreement. This can be higher than the rates available through a product transfer or remortgage, so it is worth reviewing your options before your current deal ends.