UK Mortgage Glossary
Product Transfer
Switching to a new rate with your existing lender at end of fix.
Full definition
Taking out a new mortgage deal from your existing lender at the end of your current fixed or discount period. Faster and cheaper than remortgaging to a new lender (no legal fees, often no new affordability check). Limited to your current lender's product range, so doesn't always offer the best market rate.
How this affects you
Whether product transfer is relevant to your mortgage depends on your circumstances — lender, product, deposit, employment, credit profile, and stage of application. An FCA-authorised mortgage broker will tell you exactly where it applies to your case.
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An FCA-authorised UK mortgage broker can explain where product transfer fits into your specific application — free.
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