Should I Do a Product Transfer or Remortgage?
Product transfer for speed and simplicity; remortgage for best rates or to borrow more. A broker can calculate which saves you more.
When your mortgage deal ends, you have two main options. A product transfer (rate switch) keeps you with your current lender but moves you to a new deal - it's quick (often 1-2 weeks), has no fees, and requires minimal paperwork since your lender already knows you. Remortgaging moves you to an entirely new lender, giving you access to the whole market (100+ lenders) and potentially better rates. However, remortgaging takes 4-8 weeks, may involve arrangement fees (£500-£2,000), legal costs (£500-£1,500), and valuation fees. The right choice depends on your priorities: speed and convenience favour product transfers; potentially saving hundreds per year and borrowing more favour remortgaging.
Your home may be repossessed if you do not keep up repayments on your mortgage. Seek advice before making decisions.
Key Points
- 1Product transfer: Same lender, new deal, 1-2 weeks
- 2Remortgage: New lender, whole market access, 4-8 weeks
- 3Product transfers have no fees typically
- 4Remortgaging may have £1,500-3,500 in fees
- 5Remortgaging needed if you want to borrow more
- 6Both better than staying on SVR (7-8%)
Eligibility Criteria
- Product transfer: Generally available if payments up to date
- Remortgage: Need to pass new lender's affordability checks
- Product transfer may not require credit check (lender-dependent)
- Remortgage requires full application and credit check
- Both require your deal to be ending soon or on SVR
Typical Timeframe
Start comparing 3-4 months before your deal ends. Product transfers can complete in days; remortgages need 4-8 weeks minimum. Many mortgage offers are valid 3-6 months, so you can lock in early.
Next Steps
- 1Check when your current deal ends
- 2Log into your lender's website to see product transfer rates
- 3Compare with current market rates from other lenders
- 4Calculate total cost including any remortgage fees
- 5Speak to a broker to confirm which option saves more
Why This Matters for Your Mortgage
Understanding these details helps you make informed decisions during the mortgage process. Every element of your application—from deposits to documentation—affects your approval chances and the rates you can access.
Lenders assess applications holistically, weighing multiple factors together. Knowing what they look for allows you to present the strongest possible application. This is particularly important for non-standard situations where lender criteria varies significantly.
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Related Questions
For more detailed information about this topic, visit our comprehensive guide:
Remortgage Strategy Hub
Content reviewed: January 2026
CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.