The basics
Learn what a mortgage is, how it works, and the various types available to you. We break down the jargon into simple terms, helping you understand your options.
Optimize your mortgage without the hassle of switching lenders. Our Product Transfer Mortgage service offers a streamlined way to adjust your mortgage deal to better suit your current needs and financial goals, all with the convenience of staying with your current lender.
Key details to help you understand this option at a glance.
Switch to a new deal with your existing lender
Subject to circumstances and lender criteria
Flexible terms depending on the product and lender
Borrowers considering a product transfer
Somerset Financial acts as a credit broker, not a lender
A product transfer lets you move to a new deal with your existing lender without a full remortgage to a new provider. It can be a simpler way to adjust your rate or product when you are happy to stay put.
We help you review whether a product transfer or a wider remortgage is more appropriate, including how your current deal compares with options elsewhere.
A clear path from first conversation to a mortgage that fits your circumstances.
Typical reasons people speak to us about this type of mortgage.
Support designed to make the process clearer and more manageable.
This option may be relevant if you recognise yourself in one of the situations below.
A straightforward, supportive process from initial discussion through to completion.
We take time to understand your circumstances, goals and what you need from your mortgage.
We explore suitable mortgage options based on your deposit, income and property plans.
We support you through the application process and liaise with lenders on your behalf.
Once your mortgage is approved and completed, you can move forward with confidence.
Straightforward support to help you explore suitable mortgage options.
We start with a comprehensive review of your current mortgage and financial goals. This ensures any product transfer aligns with your long-term objectives.
Even if you choose to stay with your current lender, understanding your position in the wider market is crucial. We provide you with comparisons to ensure your decision is informed.
Our team facilitates the entire product transfer process, ensuring it is as smooth and straightforward as possible. We handle the details, so you don’t have to.
We explain available products and next steps clearly so you can make informed decisions.
We support you from first enquiry through to completion and beyond where needed.
Whether you are buying, remortgaging or restructuring, we keep your objectives front and centre.
Clear answers to questions we are often asked.
Eligibility depends on your current lender’s criteria and your financial situation. We can help determine your eligibility and advise on the best steps forward.
Typically, product transfers with the same lender do not require a new valuation, making the process quicker and simpler.
Some lenders may charge a fee for transferring to a new product, but these are generally lower than the costs associated with remortgaging to a different lender.
Yes, in many cases, you can adjust the term of your mortgage as part of the product transfer process.
Product transfers can be quicker than a full remortgage, often completed within a few weeks, depending on the lender’s processes.
Explore other mortgage options that may also be relevant to you.
Speak with Somerset Financial about your requirements. We act as a credit broker, not a lender, and can help you explore suitable options.