When your current mortgage term is approaching its end, your lender may offer you a new deal to switch over to, this is known as a product transfer. You aren’t switching lender; you are just switching to another one of their deals.
You are under no obligation to stay with your lender, you can search around elsewhere for as many deals as you want. In fact, most people shop around, you may end up finding a better deal by doing so.
Unfortunately, the answer is no. Lenders will not reward you for loyalty, and that’s why, as a Mortgage Advisor in London, we always advise that you look elsewhere for a deal first. Most lenders prefer to offer better deals to First Time Buyers in London and new customers before their existing ones.
As a Mortgage Broker in London, we would recommend that you don’t be loyal to them and try searching for more competitive deals that could save you some money. We often find that there is a better deal out there, you just need to find it.
This is where we come in, we will search through 1000s of mortgage deals for you until we find the perfect one for your personal and financial situation. We have over 38 different lenders on panel and we can individually look through each one until we find a competitive deal for you. 90% of the time, we will find you an amazing deal that will save you both time and money.
We know that it is extremely easy to switch over to a new deal online, we sometimes don’t blame people it’s that easy! However, it’s also very easy to make a mistake online and it could end up getting you on the wrong deal. If this happens to you, you are in a sticky situation as you chose to take no sort of financial advice, which lenders will have no sympathy for. Lenders like customers that switch over online as they end up making more money from you.
If you want the same fast service along with expert financial advice, you should approach a Mortgage Broker in London. For example, at Londonmoneyman, we always have your best interests at heart, we will always try to find the best deal for you and not for us. We aren’t tied to any lenders so we are free to choose any mortgage product that we think will benefit you the most.
As soon as you choose an online switch, you are waving goodbye to your consumer rights and protection that you would’ve got had you gone the Mortgage Broker route. It’s perfectly normal to conduct a mortgage switch online, we are just asking to be careful as we have seen customers fall into these traps before. Just because a deal is cheaper than your current one, doesn’t mean that you will match its criteria.
At the end of the day, we want the best for you, we want you to come out with the best remortgage deal/ product transfer possible. If you have any further questions or concerns about your remortgage, feel free to get in touch as we would love to try and help you. We know that remortgaging can be stressful and that’s why we are here to offer a helping hand through your remortgage journey.
Date Last Edited: January 19, 2023