Product Transfer V Remortgage Advice In Hull
Remortgage Mortgage Advice in Hull
What is a product transfer?
When your current mortgage deal is approaching its end, your lender may offer you a new deal to stay with them, this is known as a product transfer. However, you don’t have to stay with your lender, it is perfectly normal to find another mortgage deal elsewhere through another lender.
Are you rewarded for loyalty
Unfortunately, lenders will rarely reward your loyalty, in fact, they are probably offering a better rate to a First Time Buyer over a customer of 5 years.
You are much better off searching around for competitive deals rather than just sticking with your lender due to the convenience. 90% of the time, there is always a better deal out there for you, it’s just finding it!
This is where your local Mortgage Broker in Hull can step in, we know exactly how to find you that 1/1000 mortgage deal. We have over 38 different lenders on panel that we can search through in order to try and find you an amazing deal.
Tempted by an online switch?
It is very easy to switch to a new deal online with your current lender, however, you really shouldn’t rush into things just because it seems easy. They will try and tempt you to switch over online without taking Mortgage Advice in Hull. This is probably because if you go to a Mortgage Broker in Hull, you will leave them and could get a better deal.
When you do everything by yourself online, you are not receiving any consumer protection. Whereas if you had gone to a Mortgage Broker in Hull for advice, you would have received it.
You’ll be opting out of advice
We have seen numerous examples of customers accepting these “follow-on” deals and locking themselves into the wrong deal. This is because they chose not to take any advice and rush into things. Lenders love this as you are possibly paying more than you should and you can’t argue against anything as you chose not to take any advice.
We did have a recent case where a customer who was pregnant did this and was declined for a small further advance to fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge to swap to a new Lender who would grant her the additional funds.
Open & Honest Mortgage Advisor in Hull
Approaching a local expert Mortgage Advisor in Hull is definitely your best option. We offer a free mortgage consultation to every customer that comes to us. 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, like Hullmoneyman, can also offer you full consumer protection which you won’t get if you 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.