Remortgage via a product transfer
If you don’t wish to borrow any more money, you may be eligible for a ‘product transfer’
Sometimes, if you don’t wish to borrow any more money and are simply looking for a ‘like-for-like’ mortgage on a new rate, then you may be eligible for a ‘product transfer’.
This is where your existing lender can offer you a range of alternative mortgage products to choose from in place of your existing deal. The benefits of this route are that:
It’s often simpler and faster to change products with the same lender
Questions asked are minimal
The rates are sometimes better to stick than move to another lender
Your circumstances may have changed since you took out the current mortgage, which may may affordability difficult such as a change in employment, income etc
You may have a poor/lower credit score since your last mortage, which may mean you cant move to another lender
However, the downside is that it’s not always clear that you are getting the most suitable deal by sticking with your current lender.
Given the range of different lenders and mortgage types available, we strongly recommend that you seek advice from a qualified professional mortgage adviser before proceeding.
We will have a chat and listen to your circumstances and make considered recommendations on the type of mortgage that may be most applicable to your circumstances.
We also have access to the whole-of-market so can find the best deal in the market for your circumstances. Whether that is to do a product transfer or move to another lender. We will review the situation and provide you with the facts so you are able to make an informed decision.
Contact us today for a FREE mortgage review
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for mortgage advice.
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