When you are nearing the conclusion of your initial mortgage fixed-period, the next step for many people would be to look for a remortgage in Nottingham. The act of remortgaging with the same mortgage lender, would be called a product transfer.
This may not be something you have heard of. Most people, especially those researching online ahead of time, will have likely only read about a remortgage. In truth though, there is an argument to be had that suggests product transfers are just as, if not more popular than a remortgage in Nottingham!
What is the difference between a remortgage & a product transfer in Nottingham?
A remortgage in Nottingham is where you will take out a new mortgage, with a new mortgage lender, replacing your old mortgage. This process typically involves more favourable interest rates, with lower monthly repayments. It will also require documentation to be submitted, as it will be a new deal.
Conversely, the act of a product transfer is done with the same lender. This means that, so long as your circumstances are the same, you likely won’t need to submit any further documentation. You will be able to select a deal you qualify for and have it take over the previous one.
What are the benefits of a remortgage in Nottingham with the same lender?
The primary reasons as to why you might look to do a product transfer with your mortgage lender are ones that tend to be fairly enticing to homeowners, with the biggest one being that it could save you some money!
One of the reasons you could be saving money, is because you will not have the need for a solicitors or a property valuation. Furthermore, there may be less of a need for a redemption fee or early repayment charge, though you might still have arrangement fees to pay.
Lastly, a benefit could be that it might make your process easier. A remortgage in Nottingham may take some time to put together. Alternatively, because the mortgage lender already knows your finances inside and out, a product transfer may finalise much quicker.
Why might someone choose to do a remortgage over a product transfer in Nottingham?
Much unlike the previously discussed point, many people may still instead choose to do a remortgage in Nottingham. This always remains a popular option for homeowners, due to the flexibility involved with these types of mortgages.
You will be opening yourself up to possibly much better deals with more than just your current mortgage lender, with your mortgage advisor in Nottingham being able to help you cherry pick the best one for you. Finding a better rate for example, will save you more money in the long run.
In addition to this, when you take out a product transfer, you will only be doing so on the same term, whereas going for a remortgage in Nottingham can allow you to change the terms, allowing for your next remortgage process to go much easier.
Another choice that we find is quite a popular one, is taking out a remortgage in Nottingham to release equity (this is the difference between your mortgage balance and property value), as a way to raise money for home improvements, for a deposit towards a new property, or more!
Releasing equity will not quite be the same when you are doing a product transfer, though you may be able to take out a further advance with your mortgage lender. Book a free mortgage appointment today, to learn more about product transfers and taking out a further advance.
Do I need a solicitor to remortgage in Nottingham with the same lender?
As a general rule of thumb, because you will be living within that same home you have had for your mortgage term so far, with the same mortgage lender you originally took your deal out with, there will not be any need for a solicitor.
That said, there may be times where this is an appropriate action to take, such as if you were looking to alter the mortgage terms, such as possibly removing or adding a name onto your mortgage. Once you are at this point, you may very well need a conveyancer or solicitor.
If I remortgage in Nottingham with the same lender, will I need to have a credit check?
Typically speaking, there will be no need for a credit check when you are taking out a product transfer. This can be different for some mortgage lenders. The reason there may not be a need for this, is because the mortgage lender already knows you can be trusted to pay back your mortgage balance.
On the other hand, if you have had any credit problems during your current mortgage term so far or are remortgaging with another lender to perhaps release equity, a mortgage lender may then look to do a credit check on you.
Is there anything else I need to consider when I do a product transfer in Nottingham?
When you take out a product transfer, something you may need to take a look at is whether or not you are planning to move home at some point in the future, as your current deal may not allow porting your mortgage.
Taking out a remortgage in Nottingham instead, can give you the flexibility to do so.
How can a mortgage broker in Nottingham help with a product transfer?
When you get in touch with us for expert remortgage advice in Nottingham, a member of our team will be able to run through your case and take a look at what your plans are for your mortgage.
Not only will we work hard to help you through the process both quickly and efficiently, but you’ll benefit from a variety of deals available to you, due to our vast panel of mortgage lenders.
Our service is more than this though, we care about all of our customers. If a product transfer in Nottingham is better for you than a remortgage or vice versa, it is our duty to let you know.
To take a look at your options for product transfers or for remortgage advice in Nottingham, book a free remortgage review today and we will help you in any way we can.
Date Last Edited: November 22, 2023
