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Product Switching – Transfer or Remortgage?

March 20, 2019

Product Switching

In the not too distant past, the majority of people remortgaged their property to a different lender when their current deal finished. If they didn’t have any credit issues or individual needs, there were lots of competitive mortgages available.

The market is changing, and more people are asking their mortgage broker to help get a new deal with their current lender instead of remortgaging.

It isn’t always very clear whether a remortgage or product transfer is the best option-

At Total Home loans our qualified mortgage advisors will work with you to find the deal that suits your needs.  The lenders criteria and rates are constantly changing and it’s important to get help from a qualified mortgage advisor.

Reduced Options

With changes in the regulations and the lenders changing their criteria, obtaining a mortgage could prove to be more difficult, depending on your circumstances’.

Many of us take the easiest route when our mortgage product comes to an end and stick with our current lender on their new deal if it’s cheaper than their standard variable rate.

On the other hand, many will go to another lender and make a great savings by a reduced interest rate or restructuring their finance.

Get in touch for friendly mortgage advice

Call us today on: 01202 232 160

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Remortgage Options

Remortgage

If you have lots of equity in your property and no significant change in your circumstances, you should have a good choice of lenders which will hopefully give you some worthwhile savings by remortgaging.

A Remortgage will take a little more time than a product transfer and additional work going through affordability and a new valuation, However if its helping your monthly finances its surely worth the extra leg work.

Call our mortgage advisor today to get your personal illustration on 01202 232160.

Product Transfer Options

If you are looking for an option with little or no fuss, this might be the right option for you.

The Product transfer is the easiest and quickest option, sometimes the savings on a deal with another lender are small and not viable to do.

Product Transfer

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Important Information

We do NOT charge any upfront cost. We may charge a typical fee of up to 2% of the amount of the loan for arranging a mortgage. E.g. A loan of £100,000 would be likely to incur a fee of up to £2000. Any fee we charge is ONLY payable upon successful completion of the mortgage. We will also be paid a commission by the lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.

Total Home Loans Limited is an appointed representative of Intrinsic Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Intrinsic Mortgage Planning Limited is entered on the FCA Register (http://www.fca.org.uk/register) under reference 476653

Registered Address: 55 Cobham Road, Ferndown Industrial Estate, Wimborne, BH21 7RB. Registered in England and wales, company registration number 6436412.

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