Mortgage Product Switching
Helping you find the best mortgage for your circumstances
What is Mortgage Product Switching?
Before switching mortgage products, it is important to review the terms of your existing mortgage. Some products may have early repayment charges.
Mortgage product switching refers to the process of switching from one mortgage product to another offered by the same lender without changing the lender itself. This option allows homeowners to take advantage of different mortgage deals available from their current lender.
Why Do People Switch Mortgage Products?
Rate Changes
One of the main reasons homeowners switch mortgage products is to take advantage of better interest rates.
Speed of completion
There is no need for a new valuation as the lender will use their own index value, and no solicitors are required. This makes the process far quicker than a remortgage to a new lender.
Switch rate now or later
As you can secure a new deal between 3-6 months early (depending on the lender), you can opt for the rate to go live straight away or the day after your current rate ends.
We are here to assist you with your Mortgage Product Switching requirements.
Benefits of Mortgage Product Switching
Potential Cost Savings: Switching to a mortgage product with a lower interest rate can lead to reduced monthly payments.
Improved Financial Flexibility: Switching to a mortgage product with better features, such as flexible repayment options or the ability to overpay, can offer increased financial flexibility and control.
Simplified Process: Mortgage product switching with the same lender is typically a smoother and more straightforward process compared to remortgaging with a new lender. It may involve less paperwork, reduced fees, and a quicker turnaround time.
Pitfalls of Mortgage Product Switching
Limited Choice: Switching mortgage products with the same lender may limit your options compared to exploring the wider market.
Early Repayment Charges (ERCs): Before switching mortgage products, it is important to review the terms of your existing mortgage. Some products may have early repayment charges, which can offset the potential savings gained from switching. Carefully assess these charges before making a decision.
Missing Out on New Deals: By limiting your search to the products offered by your current lender, you may miss out on new mortgage deals available in the market. It’s important to compare offers from different lenders to ensure you secure the best possible deal.
Lack of Personalised Advice: When switching mortgage products with the same lender, you may miss the opportunity to seek mortgage advice from mortgage brokers or financial advisors who can provide a broader perspective and offer tailored recommendations based on your specific circumstances.
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