Rate Switch/
Product Transfer

Your personal circumstances will determine whether or not you choose to rate switch or remortgage to a new lender. Whilst there are many advantages to a rate switch there are also benefits to moving to another lender. These could include potentially accessing better rates, improved terms, or additional features that your current lender doesn’t offer.  

If you want to borrow more money, your existing lender may not allow or may not be able to increase your loan amount. In this case remortgaging to a new lender may be a better option.

You will also get a better idea of the true valuation of your property. If you rate switch, your lender is likely to use an indexed valuation to determine your property’s worth, which may be lower than market value.

If you’re considering which is the right option for you, a mortgage broker may be able to help. A mortgage broker can give you a full understanding of your situation and explain your options helping you to choose the best one for you.

Your lender may charge you an arrangement fee for a rate switch or product transfer. Legal fees are unlikely and valuation fees are uncommon. 

Most brokers will also arrange a product transfer for you at no charge.