'Product Transfer'
Is it worth it? Read On.
Your mortgage deal is coming to an end soon, and your lender has sent you a letter offering you another mortgage deal, or is it?
WHY PRODUCT TRANSFER?
Your current mortgage lender has sent you a letter about your mortgage deal is about to end soon. Doing nothing will revert to their Variable Rate until you decide what's your next move.
You could save money with Product Transfer with your current lender. Read some of our FAQs below, it will give you an indication of whether it's worth staying with your current lender or not.
PROCESS MADE EASY
The process of Product Transfer is so simple, it could be done over the phone or you may receive a letter to tick which deal you want and return it. The lender will then issue your new mortgage deal within days. We would still recommend speaking to your mortgage broker first.
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FAQs
'Mortgage Product Transfer'
What is a Product Transfer?
A mortgage product transfer is your current mortgage lender, Your deal that'll soon be ending and they are offering you another mortgage deal with a deadline to lock you in before you can get a chance to speak to a broker.
Will I need a solicitor/conveyancer if I Product Transfer?
No - There's no reason to instruct one. It's all in-house with your current lender.
Can I borrow any further funds/equity?
Yes - But be cautious, as an example, your house purchase of £100k with a deposit of 40% (£40k) @ 2% interest rate with the value of your home remains the same (Mortgage amount £60k), and now you've requested additional funds of £20k.
The lender will check your income if it's affordable or not, it may work or not. However, as you're borrowing more, you could be moving into there next tier of interest rate. This is why you need to speak to a fully qualified mortgage broker for better rates on the market.
What if I don't want to borrow any extra (£ for £)?
That's good or is it? There are customers who are loyal to their current lender for whatever reason, and understandingly. Lenders are there to make money, Speaking to a qualified mortgage broker who has access to the mortgage market will tell you if there are much better rates than your current lender is offering you.
What if my income has dropped can I still take the 'Product Transfer'?
First, speak to your mortgage broker. There are lenders that will accept the deal they are offering you without proof of income. But, if your income has dropped or borrow any extra then everything changes for sure.
Can Rockstar Mortgages arrange the 'Product Transfer' and will you charge a fee?
We can arrange your 'Product Transfer' for FREE. Why not look at our FREE 'Lifetime Mortgage Membership', it'll save you even more £££s with an added Layer of Protection.