Remortgaging gives homeowners the opportunity to secure a better deal, lower their monthly repayments, or release equity from their property. While many people switch lenders during this process, staying with your current provider, known as a product transfer, can be a simpler alternative.
If you’re considering a remortgage in Hull, it’s worth exploring whether staying with your existing lender is the right choice.
In this guide, we’ll explain how remortgaging with the same lender works, the benefits and drawbacks, and whether you could get a better deal elsewhere.
What does it mean to remortgage with the same lender?
Remortgaging involves switching to a new mortgage deal, and this can either be with your current lender or a different one.
When you remortgage with the same lender, this is known as a product transfer.
Instead of going through the full remortgage process, you simply move onto a new deal offered by your existing provider.
This can sometimes be a quicker and easier way to secure a better rate without needing to switch lenders or go through additional affordability checks.
How does a product transfer in Hull work?
A product transfer mortgage in Hull is typically straightforward.
Your lender will offer you a selection of new mortgage products before your current deal ends. You can then choose a new rate, often without needing a full affordability assessment or a property valuation.
Once you accept the new deal, your mortgage terms update automatically without the need for a solicitor.
This makes it a convenient option for those looking to secure a better rate with minimal paperwork.
What are the benefits of remortgaging with the same lender?
Staying with your existing lender when you remortgage in Hull has several advantages.
The process is usually much quicker than switching to a new lender, as there’s no need for legal work or property valuations.
You may also avoid arrangement fees and other charges associated with a full remortgage.
If you have a stable financial situation and your lender offers a competitive rate, a product transfer mortgage in Hull can provide a hassle-free way to secure a new deal.
Are there any downsides to staying with the same lender?
While a product transfer mortgage in Hull is convenient, it may not always offer the best rates available.
Lenders often provide better deals to new customers than to existing ones. By only considering your current lender, you could miss out on lower interest rates or better terms elsewhere.
Additionally, if your circumstances have changed, such as an increase in income, you might qualify for a more competitive mortgage with another provider.
Comparing deals from multiple lenders can help ensure you’re getting the best option. Our mortgage advisors in Hull can do this for you, ensuring that you take out the most appropriate mortgage product to your personal and financial situation.
Can I borrow more money when remortgaging with the same lender?
If you want to remortgage to release equity in Hull, your lender may allow you to borrow more.
However, this will typically require a full affordability assessment, even if you’re staying with the same provider.
Additional borrowing can be useful for home improvements, consolidating debts, or other major expenses, but it’s important to check that the new repayments remain affordable.
A mortgage broker in Hull like us can help you explore whether borrowing more through a product transfer or switching to a new lender would be more beneficial.
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How does remortgaging compare to switching lenders?
Remortgaging with a new lender can sometimes provide better interest rates and mortgage terms, but it usually involves a more in-depth process. This may include affordability checks, legal work, and a property valuation.
A product transfer mortgage in Hull, on the other hand, is often quicker and simpler, with fewer checks required.
The best option depends on your financial circumstances and the deals available. Comparing both routes with your mortgage advisor in Hull can help you decide whether to stay with your current lender or switch.
Do I need a solicitor to remortgage with the same lender?
One of the biggest advantages of a product transfer mortgage in Hull is that it does not require a solicitor. Since you’re not changing lenders, there is no need for legal work to transfer the mortgage.
This helps speed up the process and reduce costs compared to a full remortgage.
However, if you’re borrowing more or making significant changes to your mortgage structure, legal advice may still be useful.
How soon before my current deal ends should I start looking at remortgaging?
If you’re planning to remortgage in Hull, it’s best to start exploring your options around six months before your current deal ends.
This gives you enough time to compare rates, check eligibility, and secure a new deal before your existing mortgage reverts to your lender’s standard variable rate (SVR), which is often higher.
Many lenders allow you to lock in a new rate in advance, ensuring a smooth transition to your next mortgage product.
Date Last Edited: 02/05/2025
