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Product Transfer
Mortgages
Drummonds Finance Group
Fixed rate ending? A product transfer switches you to a new deal with your current lender before you move onto its higher variable rate. We arrange product transfers across the UK with no broker fee, and compare your lender's deals with the wider market first.
Utilise our free Product transfer switch service today!
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Why Choose Drummonds for Your Mortgage Product Transfer
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Whole-of-Market Access
We can compare your current lender with a wide range of other lenders to make sure porting is still the right option for you.
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We compare your current lender’s options
We’ll check the product transfer rates available with your existing lender and explain which option is likely to suit you best.
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We check whether a remortgage could be better
Staying with your current lender is not always the cheapest option. We can compare your product transfer against remortgaging elsewhere.
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No unnecessary hassle
A product transfer can often be much simpler than a full remortgage, with less paperwork and usually no need for a new valuation or solicitor.
What is a mortgage product transfer?
A product transfer is a switch to a new mortgage deal with your existing lender. The amount you owe, the property and the people on the mortgage all stay the same; only the rate and its terms change.
Because the lender already holds your mortgage, the process is usually much simpler than moving to a new lender. Most product transfers need no legal work and no valuation, and if you are not borrowing more, lenders do not normally reassess your affordability.
It is sometimes called a rate switch, a mortgage switch or remortgaging with the same lender. They all mean the same thing.
When can you do a product transfer?
Most lenders let you secure a new deal between three and six months before your current one ends. Locking in early protects you if rates rise, and the new rate starts the day after your current deal finishes, so there is no overlap and no early repayment charge.
If rates fall after you have secured a deal, some lenders let you switch to a cheaper product before the new one starts. We keep an eye on this for you.
If your deal has already ended and you are on the standard variable rate, you can usually switch straight away with no penalty. Every month on the variable rate costs money, so it is worth acting quickly.
Your mortgage statement, annual letter or online account will show your product end date. If you are not sure, send us your mortgage account details and we will check for you.
Product transfer or remortgage: which is better?
A product transfer is quicker and simpler, but your current lender is rarely the cheapest in the market for every borrower. A remortgage to a new lender takes longer and needs a full application, but it can secure a lower rate, release equity or change who is on the mortgage.
A product transfer usually makes sense when your lender's rate is competitive, your income or credit has changed since you took the mortgage out, your property has dropped in value or now has issues a new lender may not accept, or you want the switch done in days rather than weeks.
A remortgage often makes more sense when another lender's rate saves you more than the cost of switching, you want to borrow a significant amount more, or you want to add or remove someone from the mortgage.
We price both routes side by side, including product fees, legal costs and any cashback, so you can see the total cost over the deal period rather than just the headline rate.
Can you get a product transfer if your income or credit has changed?
This is where a product transfer is most valuable. If you are switching like-for-like with no extra borrowing, most lenders will not reassess your income, run a full credit check or value the property.
That means you can usually still get a new deal if you have become self-employed, your income has dropped, you have retired, you are on maternity leave, or your credit file now shows missed payments or defaults. Many of these borrowers would struggle to remortgage with adverse credit to a new lender, so a product transfer keeps them off the variable rate.
If you are currently in arrears, your options may be more limited, but it is still worth speaking to us before your deal ends.
Can you borrow more with a product transfer?
A product transfer on its own does not add borrowing. If you need more money for home improvements or other plans, your lender may offer a further advance, which is a separate application with an affordability assessment, or a remortgage elsewhere may work out cheaper.
Many lenders will let you change your term or move from interest only to repayment as part of the switch, though some treat this as a fuller application.
Adding or removing someone from the mortgage is a transfer of equity rather than a product transfer, and it needs legal work and a full application. If you are moving house, you would look at porting your mortgage instead.
Buy-to-let and limited company product transfers
Landlords can do product transfers too, and they work in much the same way. On a like-for-like switch, most lenders do not reassess rental coverage, which helps landlords whose rents have not kept pace with higher rates.
The choice between two and five years matters more for landlords, because rental coverage, tax position and plans for the portfolio all feed into it. We model both before recommending a deal. Our buy-to-let mortgage advice page covers the wider picture.
Do you need a mortgage broker for a product transfer?
You can often switch directly through your lender's app or website, but that is usually on an execution-only basis. The lender shows you its deals and you choose on your own, with no advice on whether the deal suits you or whether a better one exists elsewhere.
When we arrange your product transfer, you get regulated advice. We check every deal your lender offers you, including ones that sometimes do not show up in the customer portal, compare them with the wider market, and recommend the right product and term for your plans.
We do not charge a broker fee for product transfers. Your lender pays us a procuration fee once the switch is complete, and we will tell you how much before you proceed.
We also note your next end date and contact you ahead of time, so you do not drift onto the variable rate again in a few years.
How the product transfer process works
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Send us your lender, mortgage account number and roughly when your deal ends.
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We check your current terms, balance and any early repayment charge.
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We compare your lender's product transfer deals with what is available across the market, and talk you through two-year versus five-year fixes and trackers.
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Once you have chosen, we submit the product transfer to your lender. Most are confirmed within a few working days.
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Your new rate starts when your current deal ends, and we set a reminder for the next one.
Frequently asked questions
Author Summary
Written by Liam Drummond CII (MP), owner and named mortgage broker at Drummonds Finance Group. Member of the Personal Finance Society, the Society of Mortgage Professionals and the Chartered Insurance Institute.
On this page we have explained what a mortgage product transfer is, when you can apply and how it compares with remortgaging to a new lender. We have looked at why a product transfer is often the best option if your income or credit has changed, what you can and cannot change at the same time, and how product transfers work for landlords and limited companies. We have also covered the lenders that only accept switches through a broker, and the difference between going direct and getting advice.