Our guide is here to help inform you of the different reasons why people choose to switch mortgages—these range from finding better interest rates to debt consolidation, to name a few.

If you’re considering changing your mortgage, but unsure whether to go with a mortgage product transfer or remortgaging in Birmingham, then it will be worth your time getting in touch and speaking with one of our experienced Mortgage Advisors in Birmingham to learn more.

What is a mortgage product transfer?

When your introductory mortgage deal comes to an end, or if you are looking to lend more money using your house as security. Your mortgage lender may offer you a new product with the same lender; this gets known as a Product Transfer.

If interest rates have increased, some people choose to move from a Standard Variable Rate mortgage to Fixed Rate, tracker or Discounted Rate mortgage. Additionally, some people do this if they are looking to extend or refurbish their homes.

To find out more about the different types of mortgages available, check out our recent playlist from our YouTube channel ‘MoneymanTV’. Alternatively, you can check out our article on the different types of mortgages available in Birmingham which can provide you with further insight on the various mortgages.

Different Types of Mortgages Playlist | MoneymanTV

Are you rewarded for being faithful?

Unfortunately, lenders will rarely reward your loyalty; some newly are probably getting offered a much better rate to a first time buyer in Birmingham over existing customers who are, for example, looking at moving home in Birmingham.

We highly recommend you search for competitive deals rather than just sticking with your lender due to the convenience. We find there is always a better deal out there for you, and it is just finding it.

Our Mortgage Broker in Birmingham, we know the market and can search through different lenders on the panel to try and find you the best deal tailored to your circumstances.  

Does an online switch tempt you?

It is straightforward to switch to a new deal online with your current lender; in any case, you really shouldn’t rush into things just because it seems the easy way out. You need to seek Mortgage Advice. Additionally, if you go to a Mortgage Broker in Birmingham, you could get a much better deal.

Leaving yourself to do everything online will lead to you not receiving any consumer protection. Whereas a Mortgage Broker in Birmingham, like Birminghammoneyman, can also offer you full consumer protection which you will not get if you go for an online switch.

You will be Opting out of Advice

We have seen numerous examples of customers accepting these “follow-on” deals and locking themselves into the wrong deal. In any case, because they chose not to take any advice and rush into things. Lenders love this as you are possibly paying more than you should, and you cannot argue against anything as you chose not to take any advice.

We did have a recent case where a customer who was pregnant did this and was declined for a small further advance. To fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge. To swap to a new lender who would grant her the additional funds.

Mortgage Advisors in Birmingham

Approaching a friendly expert Mortgage Advisor in Birmingham is your best option. We offer a free mortgage consultation to every customer that comes to us. We can then evaluate your financial and personal circumstances. To get an idea of what sort of deal you will be able to get.

In short, even if your requirement seems straightforward, we recommend you always take advice. A second opinion costs nothing and making a mistake when taking a new product can be costly. The remortgage market is highly competitive, and savings can get made by searching the market for a new deal.

Date Last Edited: December 6, 2023