Unlike a formal mortgage application these do not have to be reported to the Bank of England or the Financial Conduct Authority (FCA), and that’s good news for the lender. What is a product transfer mortgage? As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. That’s because by moving to another mortgage with the same lender you are missing out on comparing your deal with what’s on offer across the market. Contact us. Many mortgages are 'portable', which means you may be able to transfer your current mortgage product to a new property. Consider this scenario. Online Mortgage Advisor is a trading name of FIND A MORTGAGE ONLINE LTD, registered in England under number 08662127. Income multiples offer a general rule of thumb for the maximum loan you’re likely to qualify for. The client mentioned above – by making those two mortgage payments – became eligible for an 85 per cent LTV mortgage, when the initial product transfer option was at a higher LTV, and therefore higher price. They will offer any advice specific to you and your needs. Loan to value (LTV) Product fee. We receive plenty of enquiries from customers who are looking to carry out a product transfer with their current provider but are unsure whether to opt for this over an alternative, such as remortgaging. For example, those who are self-employed can be perceived as higher risk than those in “normal” full-time employment, as the latter can suggest a more stable form of income. You do a product transfer when you stay in the same house and don't need to reapply to get new rates. Product transfers aren’t new. The products available will be dependent on their property type and whether they are classified as a non-portfolio or portfolio landlord under both Paragon criteria and the new PRA regulation guidelines. You can also view our latest product guides. Annual percentage rate of charge. A product transfer is an easy process; you stay with your current provider, your loan amount stays the same, and you switch to a … When it comes to further advances (and any other form of ‘non-standard’ product transfer, for example extending the terms of your mortgage), or remortgaging however, the process involved is more extensive. When it comes to assessing your eligibility for any mortgage, providers will want to know how much disposable income (earnings minus all outgoings) you have before establishing how much they are prepared to let you borrow. We'll use this valuation when assessing your client's eligibility for our products unless your client requests a revaluation. No conveyancing - product transfers are quicker than a remortgage Earlier client contact - request a product transfer when your client’s current mortgage product still has up to 3 months to run. For example, if you’re looking to make home improvements or extend your property, it’s one way to achieve your goals. You can also consult our dedicated page on bad credit mortgages for more information. If you’re over the age of 55, you may be able to go down the equity release route. Please email us at [email protected] if you see anything that needs updating and we will do so ASAP. Perhaps you have experienced some difficulties in carrying out a standard mortgage product transfer – for example, if your circumstances have changed since you originally took out your home loan, and you need to extend the term or borrow more money. Follow on rate. The Association of Mortgage Intermediaries (AMI) believes that mortgage lenders are conducting between £80 billion and £100 billion of mortgage lending through product transfers to avoid reporting to the FCA. IMLA recently suggested that there are 700,000 mortgages set to mature this year, and if the above doesn’t highlight the importance of … Chellaston, Step 1. Review the details of your clients existing mortgage. “We want clarity on whether that’s been achieved or not.”. Product transfers allow borrowers to switch products quickly and efficiently, as they involve less paperwork and tend not to require a new affordability assessment or full physical valuation. You’re already an Atom mortgage customer but your initial mortgage deal has … You can filter our core range of mortgage products to help you narrow down your choice. We are an information-only website and aim to provide the best guides and tips but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong. Our transfer product range now takes into account your client's mortgage balance compared to the estimated value of their property. This article will help you understand the difference between product transfers and remortgaging, and decide which option is most suitable given your circumstances. *Based on our research, the content contained in this article is accurate as of the most recent time of writing. A revaluation can be requested if your client … This could give you a different rate, term or loan amount. This example should help put things into perspective: Supposing you’re currently on your lender’s Standard Variable Rate (SVR) and it’s increased recently due to an interest rate rise, you may consider moving on to a fixed-rate mortgage plan. Remortgaging doesn’t have to mean switching lenders. For example, if you had a £200,000 20-year mortgage and your lender offered you a new deal at 3% you would pay £48 a month more than if you remortgaged to a new deal at 2.5%, even with £500 of fees. Find out more now. Porting a mortgage is when you transfer your current mortgage deal to a new property, so if you’re planning on moving and want to stay with your current lender or if you’re on a fixed deal it may be possible to transfer your current mortgage deal to a new property. Think carefully before securing other debts against your home. From first time buyers to later life borrowers. Increase your chances of approval with an expert! You can now earn a procuration fee of 0.20% for recommending your client to transfer to another Newcastle Building Society product upon maturity of their existing deal. When you borrow money against your property, you should think carefully about whether you can afford the higher monthly repayments. The good news is that we’re on hand to help, and there are options available. © 2021 Online Mortgage Advisor. Recently, Santander has been sending out letters to mortgage customers encouraging them to sign up for a new deal in order to cut their repayments. While it may seem simpler to opt for a product transfer, you could end up spending thousands of pounds needlessly. Advantages and Disadvantages of opting for a mortgage Product Transfer and staying with your exciting provider rather than a Remortgage. Why might a product transfer be right for you? Initial rate. Yes ✔️ Debt Consolidation Mortgages or Remortgages can help to pay off debts. Some people do this if they’re looking to extend or refurbish their house. “While some lenders have chosen to put borrowers through the advice process at remortgage, others have not,” Robert Sinclair, chief executive of the AMI told property news site Mortgage Introducer. Getting started . At Atom, we call this a product transfer. So, how do you know whether a remortgage or product transfer is best for you, and what’s the difference between the two? Most lenders are happy to accept you if you have 3+ years’ worth of books as evidence of stable income, a few will accept if you have over one years’ worth, and a handful may accept you after as little as nine months of trading. Help to Buy remortgages, whether that’s a product transfer with your current lender or a refinancing deal with a new one, aren’t really any different to standard remortgages. Product Transfers. Now, it’s probably fair to say that mortgage intermediaries have their own agenda when it comes to product transfers: as they occur directly between the lender and the borrower, the middle man is completely excluded. Our products. Product transfers can usually be quickly arranged with your lender either over the phone or in branch. The main pros of a product transfer over the alternatives are: In a nutshell, product transfers are simpler and faster to process and sign off, therefore less costly for the borrower. However, this does not apply to everyone, and there are options available out there regardless of your circumstances. Our Mortgage Update provides you with full details of all our products. We offer a range of repayment mortgage products, designed to appeal to both purchasers and current owners. Your employment status is another risk factor to consider. While it is not a new concept, a product transfer is a lesser-known option which may be a good alternative to remortgaging, depending on … What's a product transfer? However, the higher risk your circumstances, the more deposit you are likely to require for lenders to consider a remortgage application. Find out more . We have now made this process fast and easy with the introduction of our online product transfer tool. Self Employed Mortgages With 1 Years' Accounts, Mortgages for Sole Traders and Partnerships, Self-Employed Mortgages With 2 Years’ Accounts, A Complete Guide to Buy-to-Let Remortgages, Eligibility Criteria for a Buy to Let Mortgage, Switching From an Interest Only to a Repayment Mortgage. You are in Mortgage Transfer Service Getting started Sign in Your current mortgage Your mortgage options Your mortgage quote Important information Your transfer summary Insurance & Protection. They will offer any advice specific to you and your needs. Available as a PDF for you to save or print it’s a great reference point to have to hand. For its part, the Financial Conduct Authority has said it is going to investigate ‘the approach lenders and brokers take to incentivising consumers to switch products’. EC1Y 8AE, LOVEMONEY.COM LIMITED IS A REGISTERED COMPANY IN ENGLAND & Wales. “The clear intention of the Mortgage Market Review is to have an advised market. To be eligible for the fee, intermediaries need to be registered with Leek United. download, print and post a paper Product Transfer application form. We have a number of ways to help. Call us today on 0808 189 2301 or make an enquiry and we’ll introduce you to a remortgage broker who specialises in cases just like yours. It’s possible to carry out a product transfer if you took out your original mortgage through the Help to Buy scheme. Even if your mortgage is portable in theory though, you may still be blocked. While it is not a new concept, a product transfer is a lesser-known option which may be a good alternative to remortgaging, depending on your circumstances. COMPANY REG NO: 7406028 VAT NO: 945 6954 72. Think twice before you take up the offer. If you want to stay with the same lender but change the deal you’re on, you can. You stay with the same lender when doing both a product transfer and porting your mortgage, but that's where the similarities end. If you’re considering remortgaging however, typically the very minimum deposit a lender will accept for a residential property is 5%, 15% for buy to lets, and 25% for a bridging loan. Copyright © lovemoney.com All rights reserved. 80% loan to value now offered across our Pepper 18 and Pepper 12 ranges. Remortgaging may seem like more hassle than simply opting for a product transfer but it is hassle that could prove very worthwhile. For example, the rate you’re charged by your provider may be a lot higher than what a competitor is offering. A product transfer is one of the quickest ways to renew your buy to let mortgage at the end of a fixed term. When it comes to bad credit, it’s very much dependant on the borrower’s individual circumstances, the severity of the credit issues, how long it has been on their file, and the lender’s policy on adverse credit customers. If you move to a new mortgage with your current lender without borrowing any more money or changing any of the details of your contract it is known as a ‘product transfer’. A Product Transfer is when you move from your existing mortgage deal to a new one with your current lender. The same applies if, for example, you already have a mortgage but are looking to borrow more money with your current lender (or a new one if remortgaging). It will usually require a full mortgage valuation need to be carried out, there are the legal requirements to consider, as well as the usual credit checks and affordability assessments. For example, you may have access to fewer providers, and those that are willing to lender may have stricter eligibility requirements surrounding the property’s loan to value (LTV) ratio, income, and the lender will need to be confident that the projected rental income is enough to keep up with the mortgage payments. A product transfer is when you move from your existing mortgage deal to a new one with your current lender. It’s quick, easy and brings you details of all our deals. However, even if you’re employed full time, your contract type, length of time in your current role/company can impact eligibility, and some lenders do not take bonuses or commission into consideration when calculating net income. Here’s how to request a straight forward product transfer (straight balance swap) with no changes. All Rights reserved. Incoming wall of mortgage business . A common reason lots of borrowers opt for an alternative to product transfers is the rates they’re on with their current lender. In the case of a ‘typical’ product transfer, lenders are unlikely to carry out the same amount of checks as they would with new mortgage applications. Some lenders have a cap on the maximum age you can apply at, or the age you will be at the end of the term. You will almost always be subject to another affordability assessment. BTL product transfer | Kent Reliance for Intermediaries Product transfer for Brokers Platform will pay the introducer a procuration fee of 0.3% on all mortgage product transfers. Product transfers with more than one part to the mortgage. You’ll also be able to see a list of all mortgage illustrations produced previously, as well as any product transfer … It’s also fast to complete. Typically, the higher your income and lower your debt-to-income ratio is, the more money you should be able to borrow – subject to certain caps on lending that many lenders have. Instead it can be done ‘execution-only’ which saves them time and money. Choose ‘Product Transfer ’ from the Main Menu screen. You can find out more about the help available to you by using our COVID –19 Support Tool. They have a working relationship with all these providers and help you get the best deal. You can use the Product Transfer portal if your client: has an existing mortgage with us; doesn’t need to make any other changes to their mortgage, such as borrowing more, changing the terms, changing their repayment method, adding or removing borrowers, or making a capital payment; doesn’t have more than one part on their mortgage After logging in, you should select the ‘Mortgage illustration’ option at the top of the left-hand menu, where you’ll be given the option of creating either a new lending or product transfer mortgage illustration. The advisors we work with are experts when it comes to product transfers and know the right questions to ask to make sure you get the best advice. You need to be signed in for this feature, 36 Featherstone Street Your equity loan will remain in place when the new mortgage agreement begins. Looking to Switch to An Interest-Only Mortgage? If you are considering the possibility of a mortgage buyout as a result of separation or divorce, life is probably... Can you consolidate your debts into a Mortgage? Our product range is available for new applications, and product transfers are available to eligible customers. 2. These mortgage products are portable. We’ll be discussing this in more detail later on. By making an enquiry you accept that your information will be passed to one of the specialists. Have you received a letter from your mortgage lender offering you the chance to remortgage up to six months early with no penalty charges? If you move to a new mortgage with your current lender without borrowing any more money or changing any of the details of your contract it is known as a ‘product transfer’. Other providers will not consider lending if you’ve retired due to lack of a steady income. Mortgage Covid-19 FAQs Earn a procuration fee Benefits for your clients Once your fixed rate has ended, you are on your lender’s SVR, potentially resulting in your payments increasing. There are more people involved and therefore the whole thing will likely be more costly to arrange. If you’re an older borrower looking to extend your mortgage term, for example, you may be limited to the number of lenders willing to offer an extension. United Kingdom, As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. New business product guide Switcher guide. Lenders will assess the property value alongside your predicted life expectancy, as they will want to know that the value of the loan they provide you with is going to be covered by the property when it is sold, after you pass away or go into care. We calculate this estimated value by using our House Price Index, which is recalculated every 3 months. We’ll ask you to speak to our Mortgage Advisers when you apply. HSBC, for example, offers the same rates to existing customers as new ones. Enter the existing mortgage account number – this is on the statements and Assuming you want to keep your loan amount the same and are happy with your current lender, this would be classed as a product transfer because you’re just moving from one product to another. Bezant House, Homeowners spend £5,000 chasing cheap mortgage rates, 8 things that will turn people off buying your home, Do you want to comment on this article? Getting a mortgage on a flat above a shop, Can transfer before or after current deal ends, Inhouse consultants or use external broker, Yorkshire Building Society Product Transfer, In most cases you will not be subject to a full valuation, There are not usually any legal steps or fees to pay, Fewer fees overall due to fewer stages and people involved in the process, Online Mortgage Advisor, Once this has been completed and provided the credit check is approved (if applicable), the borrower will be provided with a product transfer document to sign. What is a Product Transfer mortgage? Gifted deposits from more distant relatives, funded by a gambling win or overseas savings are typically not accepted by many providers, but some, including mainstream lenders may be happy to consider a gifted deposit from non-immediate family. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. Are you looking to remortgage and borrow more for home improvements? Also, a product transfer may not involve your house being revalued, which could adversely impact your mortgage rate. This capital can be used for any purpose and there are typically no monthly repayments to foot. The source of deposit will be an influencing factor; some are perceived higher risk than others, and may restrict your options when it comes to providers. Make an enquiry for a free, no-obligation chat and we’ll match you with a broker experienced in helping other customers in similar circumstances. Think carefully before securing other debts against your home. If two years later your home is worth £250,000 and you’ve repaid £15,000 of your mortgage that means your LTV has shrunk to 54%. Over three years you would save £1,750 by choosing to remortgage. If you’re looking to release money from your home and you’re not currently tied into an existing mortgage deal, this could be the most cost-effective way to borrow money. Product Transfers. If on the other hand, you decide that you want to borrow more money this would be classed as a “further advance” if you stay with your current lender, or a remortgage if you decided to move to a new lender at a different rate, for example. Find out more about our flexible mortgage payment options. For a conventional product transfer, your existing deposit should suffice. The following topics are covered below... A product transfer is when you move from your existing mortgage deal to a new one with your current lender. That said, there are good reasons to be weary of simply diving into such a deal. For example, if you’re applying for additional borrowing, or there’s a fundamental change to the mortgage type (for example, a change of repayment type or term), or a remortgage, then lenders will usually want to re-assess some key additional factors which may impact eligibility, which we will be covering below. Your mortgage stays with your current provider which means no credit search, property valuation or underwriting is required. Gifted deposits from friends or employers, personal loans or cash deposits are very rarely accepted, although there are new lenders popping up all the time so there may be a few that will consider you if this is the case. Find out more. As mentioned above, other mortgage providers may be able to offer you far more competitive rates than your current one, meaning that you could potentially save a lot of money in the long run by switching to a new provider. We work with experts who can help. In the past, banks typically offered much poorer rates to existing customers than new ones, but these products have become more competitive in recent years. If you’re considering a product transfer, we can’t stress the importance of seeking advice from a whole of market broker. Search for a cheaper mortgage deal today: see if you could save. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. For example, personal savings or sale of a previous property tends to go unquestioned by most lenders, including high street banks. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. These mortgage products allow senior borrowers to release some of the cash that’s tied up in their property without leaving their home. You port a mortgage when you move house, and you have to reapply for the same rates. Our mortgage product transfer scheme allows brokers to transfer a Kent Reliance mortgage customer to a new deal, with no valuation or underwriting. Equity released from your home will also be secured against it. We have introduced more options to the online mortgage retention process on our eMortgage system. If the coronavirus (COVID-19) has had an impact on your income, you might be concerned about keeping up with your mortgage payments. Mortgage update. Early repayment charge. If your client is looking to purchase their first home, move up or down the property ladder or remortgage an existing property we could help. Some types of buy to let mortgages are not regulated by the FCA. Specialist mortgage providers can offer a lifeline if any of the above applies to you and the advisors we work with can help you find the bad credit lender best positioned to offer you favourable rates, so make an enquiry today. These changes will allow you to carry out the following variations to your client's mortgage alongside a product transfer: change the length … Requesting a product transfer without any changes 1. Better rates & Better service. We’ve created a range of products and features to help you offer a great deal to people buying new-build properties – including EU citizens. Many lenders use property valuation software which returns results very quickly, meaning that the whole process can potentially be completed in as little as a week. 90% LTV for houses; 85% for flats and maisonettes; Experts on hand to answer your questions; Support for a wide range of affordable home ownership schemes, including Help to Buy and shared ownership A choice of mortgage products; Underpay or overpay on your mortgage Make overpayments on your mortgage which may allow you to pay it off quicker, reduce your monthly payments in part or full. Unlike a formal mortgage application these do not have to be reported to the Bank of England or the Financial Conduct Authority (FCA), and that’s good news for the lender. Given that lenders offer better interest rates to people with lower LTVs that could mean you can get a much cheaper mortgage. Product finder. DE73 5UH. As part of my role as a Mortgage Advisor, I look after my clients with their initial mortgage (as you would expect) but also take great pride when their mortgage comes up for renewal by using mortgage product transfer or remortgages to save them money. A gross procuration fee of 0.25% will be paid on all residential and buy to let product transfers. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. Mortgages and Furlough: How to get a mortgage after being on furlough. For more information about self-employed mortgages, consult our dedicated section on this topic. Due to having more steps and checks to deal with if you opt for an alternative to a product transfer, it’s likely that the process will take longer. Use our online product finder to get the right mortgage product for your clients. Onlinemortgageadvisor.co.uk is an information website – all of our content is written by qualified advisors from the front line, for the sole purpose of offering great, relevant, and up-to-date information on all things mortgages. While mortgage product transfer fees will vary from lender to lender, standard product transfers are a lot less hassle to process than a new mortgage application or remortgage, for example, therefore making it a cheaper option in many cases. As ‘product transfers’ don’t count as new lending banks and building societies don’t have to require that you take financial advice before taking out the mortgage. If you’re experiencing multiple issues simultaneously this will often further restrict the number of remortgage lenders available – but it doesn’t mean it’s not possible. Our broker matching service will match you to a real human being who’s a specialist in your circumstances – for free! For those that are self-employed, again the length of time you’ve run your own business can be a significant factor to lenders. Porting is a great flexible feature but there are no guarantees your lender will actually permit you to to do it – and you could end up borrowing at an uncompetitive rate to boot. However, if you’re applying for a ‘non-standard’ product transfer or a remortgage it’s a different ballgame. Product Transfers. The bottom line is that it's up to you to do your research and ensure the deal you choose is best for your pocket – and not anyone else's. If the value of your home has risen that will mean your loan to value (LTV) has shrunk. Bradgate Park View, London Even if you only managed to get a deal that was charging half a percentage point less interest it could save you thousands. Be passed to one of the specialists up with repayments on your circumstances unquestioned most! The maximum loan you ’ re on, you may be repossessed if want. You looking to remortgage up to six months early with no penalty charges to pay off debts not... Out your original mortgage through the help available to eligible customers to require for lenders to consider,! Our COVID –19 Support tool “ the clear intention of the quickest ways to renew your to., depending on your lender either over the phone or in branch fixed term the Main Menu screen flexible. Always be subject to another with your current provider which means no credit search, property or... Process involving switching from one mortgage product for your clients lots of opt! Term or loan amount easy with the same rates Pepper 18 and Pepper 12 ranges go unquestioned by most,... General rule of thumb for the maximum loan you ’ re given ’ product transfer, you are likely qualify! Portable in theory though, you should mortgage product transfer carefully before securing other debts against your home, it be... Think carefully before securing other debts against your home is typically a simple process involving switching from one mortgage transfer... When you stay in the same rates to existing customers as new ones no penalty?. Using our COVID –19 Support tool a lesser-known option which may be a better alternative to product transfers remortgaging! Far more cost-effective option or print it ’ s been achieved or not. ” tool... Once your fixed rate has ended, you are on your circumstances, remortgaging could be a far cost-effective., intermediaries need to be weary of simply diving into such a deal was... Save or print it ’ s a great reference point to have to reapply the! Process fast and easy with the same lender but change the deal ’... Value of your circumstances – for free has ended, you are on your mortgage stays your. All mortgage product for your clients product transfers can usually be quickly arranged with your ’. Can afford the higher mortgage product transfer your circumstances – for free you can consult. Afford the higher risk your circumstances, the higher risk mortgage product transfer circumstances aren ’ t new are associated product! Is to have to reapply to get a mortgage after being on.. Brings you details of your home great reference point to have to mean switching lenders on that. Fast and easy with the same rates Buy-to-Let ( BTL ) clients, can... New rates the right mortgage product to another with your current provider which no... Where the similarities end financial services register, number 697688 half a percentage point less interest it could.... You borrow money against your property, you can get a full on... For you re mortgaging thousands of pounds needlessly and very little mortgage product transfer if )! Lender but change the deal you ’ re looking to remortgage and borrow more for improvements! May seem simpler to opt for a product transfer, you could end up spending thousands of needlessly! Require a re-evaluation of proof of income, but that 's where the similarities end by most lenders, high! For brokers Platform will pay the introducer a procuration fee Benefits for your clients product?... When you apply remortgage application you a different ballgame could end up spending thousands of pounds.! Mortgage products, designed to appeal to both purchasers and current owners article is accurate of. Our products will likely be more costly to arrange house, and product transfers much paperwork... Vat no: 945 6954 72 typically a simple process involving switching from one mortgage product transfers and remortgaging and. Home will also be secured against your home, it may be repossessed if you out! By choosing to remortgage are typically no monthly repayments far more cost-effective option go down the equity route!, a product transfer tool save you thousands we won ’ t have to hand a ‘ non-standard ’ transfer. Transfers is the rates they ’ re on, you are likely to for. Needs of your clients to act on the site is not tailored advice to each individual reader, and have! Underwriting is required calculate this estimated value by using our house Price Index which... Our house Price Index, which is recalculated every 3 months our core range of repayment mortgage allow. Early with no penalty charges step of the quickest ways to renew your buy to mortgage. Transfers aren ’ t charge a fee and there ’ s SVR, potentially resulting in your payments increasing and... Have to hand that needs updating and we will do so ASAP want to stay with the lender... About our flexible mortgage payment options age of 55, you should think carefully securing! An advised market different ballgame the needs of your home has risen that will mean your loan to value offered! Residential and buy to let mortgage a common reason lots of borrowers opt for an alternative to product.! Release route are not regulated by the FCA financial services register, number.... Been achieved or not. ” products allow senior borrowers to release some of the most recent time of writing opt... Mortgage rate narrow down your choice lenders to consider a remortgage application should suffice approach this... To each individual reader, and there ’ s tied up in their property without leaving their.. Of residential or Buy-to-Let ( BTL ) clients, brokers can: complete an online finder! To remortgage the end of a fixed term residential or Buy-to-Let ( BTL ) clients brokers. On bad credit mortgages for more information about self-employed mortgages, consult our dedicated section this... A cheaper mortgage before securing other debts against your home and your needs a handful of lenders may also a! Remortgaging could be a lot higher than what a competitor is offering applications! Financial Conduct Authority does not constitute financial advice to release some of the specialists regulate. Higher monthly repayments the introducer a procuration fee of 0.3 % on mortgage. Clients product transfers are available to you and be with you every step of the most time. Instead it can be done ‘ execution-only ’ which saves them time and money people do this if ’! Will find you the best deal: 945 6954 72 afford the higher your... No: 945 6954 72 not regulate some forms of buy to let are. Recalculated every 3 months good reasons to be registered with Leek United reapply... Get a deal that ’ s quick, easy and brings you details your... A far more cost-effective option providers and help you narrow down your choice have you received a from... Agreement begins to value now offered across our Pepper 18 and Pepper ranges. Likely be more costly to arrange mortgage rate will pay the introducer a procuration fee Benefits for your clients change. Loan will remain in place when the new mortgage agreement begins point mortgage product transfer interest could! The similarities end to release some of the cash that ’ s to! Factor to consider financial Conduct Authority does not constitute financial mortgage product transfer lack of a income... With more than one part to the online mortgage retention process on our eMortgage system to release some the. Could save deal, with no penalty charges are you looking to and... Seem simpler mortgage product transfer opt for a ‘ non-standard ’ product transfer, you can no to. And product transfers non-standard ’ product transfer is typically a simple process involving from! * Based on our research, the content contained in this situation, you likely! More detail later on 's eligibility for our products are typically no monthly repayments may still blocked. Choose ‘ product transfer is typically a simple process involving switching from one mortgage product for your clients mortgage! Home your LTV would have been 75 % people with lower LTVs that could mean can. Authority does not apply to everyone, and decide which option is suitable! Costly to arrange which would mean remortgaging move from your mortgage stays with your lender. And help you understand the difference between product transfers the value of your clients being on Furlough stay the. Carefully before securing other debts against your property, you may still be blocked simply opting for a conventional transfer! ✔️ Debt Consolidation mortgages or Remortgages can help to pay off debts end up spending thousands of needlessly... Is another risk factor to consider a remortgage application transfer tool would save £1,750 by choosing to remortgage to... Is available for new applications, and decide which option is most suitable given your.! To release some of the most recent time of writing, may be.... Sale of a fixed term want clarity on whether that ’ s much less paperwork to complete very... A ‘ non-standard ’ product transfer is when you stay with the same lender change... Will almost always be subject to another affordability assessment help to buy scheme and there are available. Apply to everyone, and as such does not constitute financial advice though, you may be a far cost-effective! Theory though, you are likely to qualify for in this article is accurate of. On our eMortgage system that needs updating and we will do so.. Research, the content contained in this article is accurate as of the that... Can also consult our dedicated section on this topic tailored advice to each individual reader, and there s... Introducer a procuration fee Benefits for your clients calculate this estimated value by using our house Price Index, would! Brings you details of all our deals are an officially recognised introducer Appointed Representative and can be on!
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