Published 22 November 2022 · Last reviewed 6 May 2026
by Payam Azadi
Mortgage Product Transfer
Free Mortgage Rate Switch for existing bank customers
How does the Mortgage Rate Switch Product Transfer process work for the UK Lenders’ existing mortgage customers
Q) What is a mortgage rate switch?
A) It simply means you keep your current mortgage and change the mortgage product you are on.
Q) What is the difference between a rate switch and a product transfer?
A) None, they are two different names for the same process.
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.
Q) What types of Product Transfer Rate Switch mortgage products are available?
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.
Q) Why are Product Transfer Mortgage Rate Switches so popular?
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.
Q) Are Product Transfer Rate Switches requested guaranteed to be accepted?
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.
Q) Can I do a Product Transfer Rate Switch myself?
A) That depends on the Mortgage Lender in question some insist that you seek independent 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.
Q) Is there a legal process connected with a Product Transfer Rate Switch?
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.
Q) Can I change the mortgage holders when doing a Product Transfer Rate Switch?
A) No, this what need to be a separate conversation with your Mortgage Lender.
Q) Can I alter the mortgage length or repayment type when doing a Product Transfer Rate Switch?
A) This depends on the Mortgage Lender. There may be more information may be available in the individual Mortgage Lender links below.
Q) Can I increase or reduce the amount I can borrow when doing a Product Transfer Rate Switch?
A) This depends on the Mortgage Lender. There may be more information may be available in the individual Mortgage Lender links below.
Q) How long does the Product Transfer Mortgage Rate Switch process take?
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.
Q) My income has dropped since I took out my original mortgage can I still do a Product Transfer Rate Switch?
A) Probably, but this should be talked through with a professional Mortgage Broker.
Q) I have been looking into remortgage options for my buy-to-let and I cannot find any that work on the rental income level I’m receiving; do Product Transfer Mortgage Rate Switches apply rental stress-tests?
A) Not normally, but this should be talked through with a professional Mortgage Broker.
Q) How much does Niche Advice charge for arranging a Product Transfer Mortgage Rate Switch?
A) There are no charges from us.