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A product transfer mortgage involves selecting a new product, typically a fixed rate, from your current lender instead of searching for the best deal elsewhere.
Your lender may present you with a product transfer option through their online platform, mobile app, or by mail. However, it is advisable to consult a mortgage broker in Manchester, such as ourselves, to ensure that you are making the right decision for your individual circumstances and securing the most competitive rate.
If you do not take action when your current deal expires, your mortgage will automatically switch to your lender’s standard variable rate (SVR), which is often higher and subject to frequent changes.
These types of mortgages can be a speedy option, but they may not always offer the most competitive rates on the market. Essentially, your current lender will present you with a range of new deals to switch to.
It’s important to note that you will likely be limited to keeping your mortgage terms the same, meaning you won’t have the option to change the length or release any equity.
Typically, no additional paperwork is required from you. However, it’s worth noting that your existing lender will not provide any mortgage advice in Manchester on whether this is the best decision for your specific situation.
While product transfers can be completed quickly, sometimes they can be too hasty, and clients may agree to a new deal without fully considering the implications of the new fixed term and any associated redemption charges.
Our team of mortgage advisors in Manchester will scour the market to ensure that the product transfer offer you receive is the most cost-effective option available. This could potentially save you thousands of pounds over the course of your mortgage.
It’s always wise to entrust your product transfer to the professionals, and our mortgage team offers this service. With our guidance, you can rest assured that you’re getting the best deal possible. Schedule a complimentary mortgage consultation today.
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Very straightforward and clear, they made everything so simple for my first mortgage and the renewal was even easier.
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This team is fantastic! They handle everything, making the whole process incredibly easy and hassle-free. I highly recommend them!
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I would high recommend this service they were amazing, and very professional. They were helpful throughout the whole process.
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Brillant. Helped us with non-standard employment conditions and were very efficient at getting everything sorted. Also very easy to get hold of. We always use a paid broker, their fee is very reasonable for the efficiency and personal service you...
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Can not speak highly enough of the people I have spoken to and the service I have received from the team. Charlie and Debbie are a credit. None patronising, easy to speak to, welcoming and very helpful. Will continue to recommend to friends.
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Ruth
Excellent experience with Matt and Stacey from UK moneyman. As first time buyers they made this experience easy and stress free. I'd really recommend using UK moneyman! 10/10!
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Brilliant service. Knowledgeable & very professional.
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Mrs Claire
Very helpful got us a mortgage a lot sooner than we expected. Very happy
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john
Louise was absolutely outstanding !!! We had a few issues with the property we were purchasing and Louise was so helpful in getting us the answers we required from the lender within a timely manner. I spoke with Louise regularly and she was...
3 months ago
Jiri
Leo from Manchester Moneyman was very helpful and efficient in securing us a mortgage on much better terms than our bank could offer. Thank you!
5 months ago
Olusola
The process has been stress free from the start to the end. The team has been helpful. I will definitely recommend Manchester Moneyman to people.
5 months ago
John
We've used UK Moneyman for two house purchases and remortgaging our current home. The team are unfailingly professional and lovely to work with. I'd recommend them to anyone in need of an excellent mortgage broker.
5 months ago
Alanya-Lee
As first time buyers, we needed all the support and guidance we could get. Tom was fabulous, honest and genuinely had our best interest at heart. He answered all of my silly questions and was always a phone call away.
5 months ago
Chiara
Worked with Malcolm and Debbie! Couldn’t recommend them enough. Thankyou for all your help!
6 months ago
Marco
Leo went above and beyond to provide all the information and assistance I needed to secure my dream property. Very friendly and professional. Highly recommended!
6 months ago
Stephanie
Originally took mortgage out 5 years ago and have just re-mortgaged with them. As this was a product transfer and I was a returning customer this was a no charge for this service. Can’t ask for better than that. All paperwork done by them and I...
6 months ago
Chris
Amazing service from start to finish!
7 months ago
Paul
Malcolm was very helpful and efficient.. definitely would recommend their services.
7 months ago
Amy
The whole team was super friendly and helpful, spent a lot of time navigating my challenging circumstances, and got me a better rate than I ever expected.
7 months ago
This type of mortgage involves selecting a new product, typically a fixed rate, from your current lender instead of shopping around for the best deal. The process is simple and does not require any additional documentation or legal work.
On the other hand, a remortgage involves switching your existing mortgage to a new lender in search of a better deal. This allows you to review the term and potentially raise capital. However, it does require providing proof of income and affordability to the new lender, as well as undergoing legal procedures.
As part of our comprehensive remortgage advice service, we will automatically compare both options for you, taking into account any applicable fees, to determine the best course of action. Trust us to guide you through the process and secure the most advantageous solution for your unique situation.
One of the main advantages of this type of mortgage is its efficiency – it is typically a quick process that does not require any additional paperwork or legal work. This makes it a convenient option for those looking to make a change to their mortgage without the hassle.
A product transfer mortgage is especially beneficial if your personal circumstances have changed since you first obtained your mortgage. For instance, if you have recently become self-employed and do not yet have enough years of accounts to qualify for a new mortgage, a product transfer can be a suitable solution.
The best part? Our team will handle your product transfer at no cost to you. We understand that every penny counts, and we are committed to providing our clients with the most cost-effective options.
Furthermore, depending on the potential savings from the product transfer, we can also explore the possibility of a remortgage in the future when you are ready to proceed. This allows for flexibility and the opportunity to secure a better deal in the long run.
If you’re approaching the end of your current mortgage deal, it’s crucial to start considering your options at least 6 months in advance. This allows you to compare the product transfer deals offered by your current lender with what is available on the market.
However, it’s essential to seek professional mortgage advice in Manchester before committing to any product transfer deals. We have seen many clients make costly mistakes by not doing so, particularly when it comes to early redemption charges.
If we secure a new remortgage for you, you can keep a close eye on interest rates. If they happen to decrease before your current deal ends, most mortgage lenders will allow you to switch to a new deal. As your broker, we will also handle your product transfer at no additional cost, giving you access to the same deals as your lender.
While the rates offered for these mortgages are typically competitive, entrusting me to search for the best deal can often result in even greater savings for you. In fact, over the course of your mortgage term, this could potentially amount to thousands of pounds saved.
Our team is dedicated to providing you with a fresh and distinct review of your current mortgage terms. This includes a thorough evaluation of your interest rate, remaining balance, and repayment schedule.
Our thorough search process involves sifting through a vast selection of remortgage options to identify the most suitable deal for you.
After you have agreed to the terms, our team of experts will proceed with submitting your complete mortgage application and sending all necessary paperwork to the lender.
Our priority is to keep you informed about your upcoming remortgage and ensure that you are on the best possible mortgage plan and have the right insurance products in place. So when it's time for renewal, we'll be in touch to make sure you're on track.
Our team comprises of determined and diligent experts who are devoted to aiding our clients in finding the perfect mortgage option for their specific needs.
Our extensive network grants us access to a wide range of exclusive and tailored mortgage options, ensuring that we can find the most suitable match for your specific requirements and situation.
Our goal is to deliver exceptional customer satisfaction, constantly seeking ways to enhance our offerings and surpass our clients' needs.
Our knowledgeable mortgage advisors in Manchester are well-equipped to provide guidance on various remortgage options, such as releasing equity or finding a more suitable deal. No matter your circumstances, we are dedicated to helping you make an informed decision about your remortgage in Manchester. Trust us to make the process hassle-free for you.
If you’re looking to switch to a new deal, your current lender offers convenient options such as their internet banking portal, mobile app, or letter. However, it’s important to note that there may be more competitive deals available from other lenders.
As part of our remortgage service, we will thoroughly assess all of your options and provide a recommendation for the best one for you. To speak with one of our experienced mortgage advisors in Manchester, simply click the button below. We are dedicated to helping you find the most suitable mortgage solution for your needs.
Typically, this may be acceptable, but it will ultimately hinge on the specific type of bad credit you possess. For instance, if you have a recent history of missing mortgage payments, it is unlikely that you will be eligible for a new deal. When considering your options for remortgaging with bad credit, it may be beneficial to seek out a specialist lender who may have more options available to you.
Typically, the process is no different than if you were employed.
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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