What is a mortgage product transfer?
Once you reach the end date of your current mortgage product the likelihood is that your mortgage will automatically revert to the lenders standard variable rate, which in many instances can be higher than your current rate. A product transfer is essentially an offer of a new deal without the underwriting process that goes into a full remortgage application. Generally a new valuation is not required, providing the amount you are borrowing remains unchanged.
How FFP can help
We offer a free product transfer / product switch process. By this we mean that there is no charge from us to facilitate the switch onto a new deal. There maybe a fee from the lender to depending on the product you take as some more preferential rates come with a lender arrangement fee. It is a simple process, with no underwriting, and providing your current mortgage is not in arrears then the application should be agreed without the request for any further information, even if your circumstances have changed from your initial mortgage application.
Product transfer or remortgage?
Here at FFP when a customer approaches us for a product switch, we always assess their circumstances to see if it would be more beneficial to remortgage to a new lender as opposed to accepting a new rate with the current lender. Although we offer a “No Broker Fee” policy for product switches there would be a broker fee payable (typically £595) in order to remortgage to a new lender.
What types of mortgages are eligible?
You are able to product switch all different types of mortgages from a simple residential mortgage to a limited company buy to let mortgage.
Which lenders can I use?
FFP has access to the entire mortgage market so whoever your current mortgage is with we will be able to help with a product switch.
