Product transfer mortgage

A product transfer is when you move from your current mortgage deal to a new one with the same lender, usually at the end of a fixed term.

product transfer

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Representative Example:

Mortgage amount £160,000, 62 payments of £1,009.47 at a fixed interest rate of 5.78%, followed by 238 payments of £1,197.58 at a variable rate of 7.99% (the lenders current standard variable rate). Over a term of 25 years, giving a total amount payable of £347,641.18 at an APRC of 7.2%. The contract will be secured against your property.

What is a product transfer mortgage and how does it work?

A product transfer mortgage, can help reduce your monthly repayments: by switching to a new deal with the same lender you could see a lower interest rate than a Standard Variable Rate, saving you money.

It’s worth talking to a mortgage adviser, such as Clever Mortgages, who can assess your options of a product transfer or a remortgage to another lender, this ensures you get the very best solution.

You can start to look at a new mortgage product 6 months before your current fixed term rate ends.

How does a product transfer work?

A product transfer is when you move from your current mortgage deal to a new one with the same lender, usually at the end of a fixed term. After a fixed-term on your mortgage, where the interest rate stays the same, the interest rate will usually switch to the lenders Standard Variable Rate (SVR) which is often higher than the rate of the fixed-term. 

The process of transferring products is usually quite simple and it’s unlikely you’ll need a valuation on your property.

Many product transfers don’t require affordability assessments as you’re not borrowing more money, as you might with a remortgage for example.

It’s simply a case of switching products, meaning homeowners who are within 6 months of their fixed rate end date, can have a new product without having to be subject to the usual affordability assessments, fixing the interest rate and preventing them from paying a potentially costly SVR.

Below we look at the pro’s and con’s of a product transfer.



In conclusion, opting for a product transfer instead of a remortgage offers the primary advantage of a quicker completion process. While you may also incur lower upfront fees, it’s crucial to consider the potential risk of ending up financially disadvantaged if you commit to a deal with your current mortgage lender without exploring better options available elsewhere. Speak to us today for the best option for your situation.

How is a product transfer different to a remortgage?

A mortgage product transfer and a remortgage are similar in that they both involve changing the terms and conditions of a mortgage, but they differ in the context of the lender involved.

Mortgage Product Transfer:

  • A mortgage product transfer is a type of remortgage, but it specifically refers to switching to a new mortgage deal with your current lender.
  • It is a quicker and more straightforward process compared to remortgaging with a different lender because you are not changing the mortgage provider.
  • With a product transfer, you are limited to the mortgage deals offered by your current lender, which may or may not be as competitive as deals available in the broader mortgage market.


  • Remortgaging is a broader term that encompasses both switching to a new mortgage deal with your current lender and changing to a different lender altogether.
  • When you remortgage with a different lender, it may take longer as you will need to go through the full mortgage application process, including credit checks, property valuation, and legal work.
  • Remortgaging with another lender allows you to explore a wider range of mortgage deals in the market, potentially finding more competitive interest rates and terms.

In summary, a mortgage product transfer is a specific type of remortgage that involves changing to a new deal with your existing lender. On the other hand, remortgaging can involve switching to a new deal either with your current lender or with a different one, offering more options and potentially better deals in the broader mortgage market.

We advise you speak to a mortgage broker to find the best option for you.

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Product Transfer FAQ

A mortgage product transfer, is a process where a homeowner switches from their existing mortgage deal to a new one with the same lender without moving their mortgage to a different lender. Essentially, it involves changing the terms and conditions of your mortgage while staying with the same financial institution.

However, you might not be getting the best deal or product on the market if you transfer product with your current lender.

It may be the case that you could lower your repayments further or have more options by remortgaging with a new lender.

Our specialist brokers can search to find the best product or deal for you.  Whether through a product transfer or remortgage, they can give you reliable advice for your situation and could save you money. They’ll be able to compare deals from across the market helping you make an informed decision. Get in touch to find out more!

A mortgage product transfer can be a convenient option for homeowners who want to avoid the process of remortgaging with a different lender. It may be suitable for those who are satisfied with their current lender’s service and want to secure a new mortgage deal without the need for a full mortgage application.

However, it’s essential for borrowers to carefully compare the new mortgage deal offered by their current lender with deals available from other lenders. This ensures they are getting the most competitive rates and terms for their specific financial situation

Unfortunately not. You would only have available the rates that your lender is currently offering. If unsure, please speak to us.

You can start looking 6 months before your fixed rate ends.

Not on a product transfer. Your existing lender may offer you a further advance or you’ll need to remortgage to a new lender for the higher amount. There could also be a second charge lending option. If unsure, please speak to us.

No, unfortunately, this is a legal process as well as a mortgage process. Also, to remove a partner would involve a new affordability check to make sure you can afford the mortgage by yourself.

This would be a lenders descretion, but it is not normally done.

Not with a product transfer.

Not usually. If the lender if confident that your circumstances have not changed it should be straightforward.

Below are some of the lenders we work with