Free Mortgage Rate Switch for existing bank customers

A) It simply means you keep your current mortgage and change the mortgage product you are on.

A) None, they are two different names for the same process.

A) If compared solely on price they normally they are competitive but can usually be bettered by a remortgage.

A) It can be any combination just like new customer mortgage rates, however it is also common for Product Transfer Rate Switch mortgage products to be limited to fixed rates only.

Many people subscribe to the sentiment that they have proved themselves mortgage worthy in the past so why should have to go through the pain and time to do it again. It’s our job as Mortgage Advisers to challenge this and make sure the product is the most suitable not just the case of being the most convenient route.

A) Firstly, you current mortgage must be one that the Mortgage Lender offers Product Transfers to as sometimes they don’t. Then normally your current mortgage would need to be up-to-date i.e. not in arrears or been in recent arrears. After that depending on the Mortgage Lender there could be a fresh credit check and an element of underwriting. At each of these touch points there is the opportunity for the Mortgage Lender to refuse your Product Transfer Rate Switch request but it is uncommon to be rejected and if you are you really have nothing to lose as you will remain on your current product.

A) That depends on the Mortgage Lender in question some insist that you seek mortgage advice from a professional Mortgage Broker, such as Niche Advice to ensure the Product Transfer Rate Switch is suitable, affordable and for guidance on market conditions and expectations. Mortgage Brokers are better placed to talk about the market as “a whole” as the individual Mortgage Lender will only see things from their perspective and may not be regulated to offer any opinions or advice. For example you might want to ask: Is it the right time to fix? How long should I be fixing for?  Should I be increasing my mortgage term? Should I be overpaying my mortgage? My Wife is about to go on maternity leave is the mortgage going to be affordable? I am thinking of turning the property into a buy-to-let, everyone’s circumstances are different and should be talked through.

A) No, so there is no need to have a Solicitor. The Mortgage Lender defers to their original legal due diligence which saves time and potentially money.

A) No, this what need to be a separate conversation with your Mortgage Lender.

A) This depends on the Mortgage Lender. There may be more information may be available in the individual Mortgage Lender links below.

A) This depends on the Mortgage Lender. There may be more information may be available in the individual Mortgage Lender links below.

A) It normally fairly quick particularly if you are organised. And, unlike a remortgage there is no legal process to go through which removes a significant amount of time.

A) Probably, but this should be talked through with a professional Mortgage Broker.

A) Not normally, but this should be talked through with a professional Mortgage Broker.

A) There are no charges from us.