By: Jack Williams

You may be considering either a remortgage or a product transfer for your existing mortgage. But what are the differences between these two options? As your trusted mortgage adviser, we can help you understand the options available to you and which one might be best for your specific situation.

A remortgage involves borrowing a different amount or switching to a new lender, such as when your current mortgage product ends. This option usually requires full valuations, affordability assessments, and credit checks to be carried out. On the other hand, a product transfer is a simpler process where you switch to a new mortgage product with your existing lender, typically for the same amount as your existing mortgage. This option generally involves fewer legal steps and takes less time to complete.

In addition to a product transfer, there’s another option called a Further Advance, which allows you to borrow more money with your existing lender. This can be particularly useful if you’re planning to renovate or extend your property. Each of these options has its own advantages and disadvantages, so it’s important to speak to your adviser to determine which one is the best fit for you.

In this ever-changing environment, it’s essential to have a trusted adviser to guide you through the process. Whether you have questions about a product transfer, remortgage, or anything else related to your mortgage, we’re happy to help. Contact us now for more information.