Mortgage Transfers

If you are an existing mortgage holder you will most likely be on a mortgage product with an end date. As you approach that end date you need to think about the best mortgage product available to you going forward, and you generally secure this via a mortgage transfer.

What is a mortgage transfer?

A mortgage transfer, sometimes called a mortgage rate switch, or mortgage product transfer, is an arrangement where your existing lender applies a new mortgage rate to your lending.

In most cases a mortgage transfer is an administrative exercise that does not require any checks or credit scoring.

Current mortgage transfer rates

Why mortgage transfer?

A mortgage transfer is a simple exercise where Lenders:

Do not run a check credit check
Do not require proof of income
Do not require supporting documentation
Work from an automatic valuation

As a result it is generally straightforward to obtain new mortgage rate using the mortgage transfer process.

Should I go direct to my lender for a mortgage transfer, or use a mortgage broker?

Some lenders make mortgage transfers available to borrowers via an online system or app, others have a phone service. Some lenders will only accept mortgage transfer requests via a mortgage broker.

Therefore in most cases you will have the option of going direct, or using a broker for mortgage transfer, in some cases you will only have the broker option.

There are some other issues that you should also bear in mind:

Lenders do not always offer all their mortgage product transfer options direct to the borrower
Lenders online systems can be patchy and unreliable
Lenders phone lines can be blocked and calls overlong and irritating
Lenders will provide information on a mortgage product transfer but will not provide advice

For some, or all of the above reasons, using a mortgage broker is often a better route.

Most importantly mortgage brokers can also compare the options available to you from your current lender with the best options available in the market.

When should I apply for mortgage transfer?

The best time to apply will depend on your Lender. Lenders typically allow you to apply for mortgage transfer within 90 days of expiry of your current mortgage product.
Some lenders have a four month window some have a window as short as six weeks.

Do I need to pay my broker?

Here at A Mortgage Now we do not charge broker fees for mortgage transfers, but you may find that is not the policy with your usual broker.

How does the mortgage transfer process work with A Mortgage Now?

Step one

You provide us with your mortgage account number, contact details, and permission to access your account.

Step two

We access your mortgage account identifying your current balance, property valuation, and mortgage transfer options going forward.
We provide all your rates options to you on a single sheet within one working day of receiving your instruction.

Step three

You decide which mortgage rate you would prefer going forward.
We are always available to answer any questions or concerns, or indeed to help you to consider remortgage options across the whole of the market.

Step four

Once we know your preferred rate we generate full figures for you and request the rate from the Lender.

Step five

The lender puts the new rate in place and confirms this rate to you in writing. We are paid a fee by the Lender for taking the work off of their toe, you do not pay us anything.

Are there any other complications?

When your mortgage is secured on your home this makes it a regulated product, it is important therefore that we understand that any new rate you select is suitable for your needs.

We will request some background information via our secure online form. Our form takes no more than five minutes to complete.

The gathered information is for our files only. Is is designed to assist us in advising you correctly. The information collected does not go to your Lender or other party.