Mortgage deal ending? What are your Options?
1. What is a Product Transfer?
If you are approaching the end of your fixed rate, and are about to go on to your lenders Standard Variable Rate (SVR) your lender may offer you a Product Transfer.
This will depend on a range of factors but some of the key ones are:
– Your Equity in the property
– The mortgage balance that you have paid off
– The value of the building
2. Reason to consider a Product Transfer
There are a number of reasons to consider a Product Transfer, this may be because these are:
– Faster to arrange than a full mortgage
– Property does not need to be revalued
– Legal fees can be avoided, along with credit searches.
3. Product Transfer vs Remortgage
It is important to meet with us, your trusted Independent Financial Advisers to ensure you get the best deal available on your mortgage. We can search a wide panel of lenders to ensure you are making the right choices for your mortgage.
Yes, Product Transfer usually complete quicker and are less hassle, but it key to look at all your options to ensure you are getting the best rate/deal available.
To book a free initial consolation today, contact us on 028 9332 2822 – or email simon@financialforesight.co.uk to get your appointment arranged today.