What is a product transfer in the mortgage world?
As you head towards the end of your current mortgage deal, whether a fixed or introductory period, you may receive an offer from a mortgage lender to stay with them. This type of practice is called a product transfer.
Whilst many will talk about remortgages and obtaining remortgage advice, product transfers in Hull are arguably just as common.
You do not have to take their deal, however, as remortgaging allows you to find a potentially better deal with another mortgage lender, than a product transfer would allow you to have. In any case, it’s always beneficial to ask for expert mortgage advice ahead of time.
Are you rewarded for lender loyalty?
Unfortunately, mortgage lenders tend not to reward their customers for brand loyalty, no matter how long you have had a mortgage with them. In fact, it’s entirely possible that they would offer a better interest rate to a first time buyer in Hull instead.
You would likely be far better off searching around for a more competitive deal as opposed to sticking with your mortgage lender, simply because “it’s convenient”.
You’ll almost always find that with the aid of a professional mortgage advisor in Hull, there will be better deals readily available for you to take out with another mortgage lender.
We have a lot of experience providing mortgage advice in Hull and we know exactly how to find you that 1/1000 mortgage deal. We have a vast variety of different lenders on panel that we can search through in order to try and find you a more favourable and beneficial deal for you going forward.
Tempted by an online switch?
Nowadays it is very easy to go online and switch from your current deal to a new deal with your current lender, however, just because it is easy you shouldn’t rush it.
Your current lender will try and tempt you to switch over online without taking actual mortgage advice in Hull.
They do this knowing full well that if you were to come to an experienced mortgage broker in Hull like us, they would likely lose you as a customer due to you finding a better mortgage deal.
When you do everything by yourself online, you are not receiving any consumer protection, which is something you would have gotten if you had taken professional mortgage advice in Hull.
You’ll Be Opting Out of Advice
We always see examples of customers accepting these “follow-on” deals and getting locked into the wrong deal for what they’re looking to do. This is because they chose not to take any advice and rush the process.
Mortgage lenders love it when customers do this, as you are possibly paying more than you should and have no leg to stand on if you wish to argue as you willingly opted out of mortgage advice.
We have had a case in the past where a customer was pregnant, went without mortgage advice and then was declined for a small further advance to fund some necessary home improvements a few months later.
Because of this, she had to pay a rather large early repayment charge to swap to a new lender who would grant her the additional funds she required.
Open & Honest Mortgage Advice in Hull
Coming to receive advice from a friendly expert mortgage advisor in Hull is definitely your best option. Our team offer a free mortgage consultation to every customer that gets in touch.
We can then evaluate your financial and personal circumstances to get an idea of what sort of deal you will be able to get. A mortgage broker in Hull, can also offer you full consumer protection which you wouldn’t get if you were to go for an online switch.
In short, even if your requirement seems straightforward we recommend you always take advice – a second opinion costs nothing and making a mistake when taking a new product can be costly.
The remortgage market is highly competitive and savings can generally be made by searching the market for a new deal, which is why remortgage advice in Hull is highly reccomended.
Date Last Edited: 11/13/2024
