FAQ's

No. The Mortgage Lender only works through authorised mortgage brokers and does not accept direct applications from customers. If your TML rate is ending you will need to use a registered broker like Drummonds Finance Group to arrange the switch. There is no way around this.

We do not charge you anything for arranging a TML product transfer. TML themselves do not typically charge legal or admin fees for a like for like switch either. We are paid a procuration fee by the lender, so the whole thing is free to you

You can usually get a new TML rate locked in up to 6 months before your current deal ends. In the last 3 months of your deal a lot of clients can switch without having to pay an early repayment charge. TML will write to you at least a month before your deal expires, but we would suggest getting in touch with us well before that letter arrives.

In most cases no. TML product transfers are like for like, meaning the amount you owe does not change. Because you are not increasing your borrowing, TML does not usually ask for payslips, bank statements or a full affordability review. This makes it particularly smooth if you are self employed or your income has changed since you first took out the mortgage.

No. TML product transfers are strictly like for like and the outstanding balance cannot go up. If you need to raise extra money, whether for home improvements, debt consolidation or anything else, that would need to be a separate further advance application or a full remortgage. We can help with both.

No. A standard TML product transfer does not involve a hard credit search so it will not show up on your credit file and will not affect your score. The whole thing stays internal with TML as your existing lender.

TML will automatically move your mortgage onto their Standard Variable Rate, also known as the reversion rate. This is usually quite a lot higher than their fixed rates and your monthly payments will go up, sometimes by a significant amount. It is worth getting in touch a few months before your deal ends to avoid this happening.

Yes, absolutely. Because a TML product transfer does not involve a new affordability assessment, being self employed or having had changes in your income since you first took out the mortgage is not an issue. TML is one of the most flexible lenders in the UK for self employed borrowers, contractors and people with variable income. A product transfer is often the simplest route for exactly these types of clients.

No. You are staying with TML and the mortgage structure is not changing, so there is no legal work involved. No conveyancing, no solicitor fees, no title register updates. Your broker handles the switch through TML's portal and that is it.

Most TML product transfers are completed within a few working days once the application is in. We time the new rate to start the day your old deal ends so there is no gap and no time spent on the higher SVR. The important thing to know is that TML needs applications submitted by the 19th of the month for the new rate to start on the 1st of the following month. We keep track of this for every client.

Some term changes may be possible within a product transfer. However if you want to borrow more or make bigger changes to how the mortgage is structured, that would need to go through a separate application process. We will look at your situation and let you know the best way forward.

It really depends on your situation. A TML product transfer is quicker, simpler and has no legal fees or affordability checks, which makes it great if TML's rates are competitive and you do not need to change anything about your mortgage. A remortgage with a new lender gives you access to the whole market and might offer a better rate or let you release equity, but it takes longer and comes with more paperwork and costs. We will sit down and compare both for you so you know exactly which option saves you more money.