In this guide
Product transfer (staying)
- Quick and simple, often done online
- Usually no legal work or new physical valuation for a straightforward rate switch
- Often no new affordability assessment if borrowing and other terms are unchanged
- Limited to one lender's deals
Remortgage (switching)
- Access to the whole market
- Often better rates available
- Can raise additional funds
- Requires legal work and valuation
- Your lender's product transfer rate is competitive with the market
- You have had a change in circumstances (new job, reduced income) that might complicate a new application
- You do not need to borrow any additional money
- The rate difference is small and the hassle of switching is not worth it
- There are significantly better rates available from other lenders
- You want to raise additional funds (home improvements, debt consolidation)
- Your property has increased in value and you want to benefit from a lower LTV band
- You want features your current lender does not offer (offset, flexible overpayments)
Not sure which is right for you?
We compare your lender's product transfer against the whole market and tell you which one genuinely saves you the most money.
Speak to us