While product transfers (switching to a new mortgage product with your existing lender) can seem straightforward enough to do yourself, using a mortgage adviser often provides significant benefits:
1. Comparing all options: Your current lender will only offer you their own product transfer deals. We can compare the products across numerous lenders, including those that might offer a better remortgage rate (even with fees considered) than your existing lender’s product transfer.
2. Expert Advice and Tailored Solutions:
- Is a product transfer right for you? We will assess your individual financial circumstances, current mortgage, and future goals to determine if a product transfer is truly the best option.
- Checking the Figures: We will assess the figures for the new mortgage product to ensure the best product is obtained. For example, a lender may have a low valuation noted on their system which can impact the product they offer, we can help with appealing this, with an aim to accessing a better rate. We also advise on whether small overpayments can be worthwhile to access a lower LTV product (and lower rate) and explain how you do this with the lender.
- Fixed vs. variable, term length: We can advise on the pros and cons of different product types (fixed, variable, trackers) and help you choose the right term length for your new deal, for example 2-year fixed versus 5-year fixed
- Long-term financial planning: As part of our review we will consider your overall financial picture, including any plans for further borrowing or future property moves.
3. Proactive monitoring: We keep checking the rates in case they drop more before the completion date (which the lender won’t do). Our aim is to get the best available rate for the new product.
While you can often go directly to your existing lender for a product transfer, consulting a mortgage adviser provides independent, expert advice and access to a wider range of options, ultimately increasing your chances of securing the most suitable and cost-effective mortgage deal for your circumstances.