What is a product transfer?
If your current mortgage deal is approaching its end your mortgage lender should offer you a new deal to stay with them, this is known as a product transfer. You are under no obligation to stay with your current lender you can shop around for deals wherever you want.
Are you rewarded for being loyal?
Unfortunately, most lenders don’t reward you for your loyalty. It’s most likely that they’re offering First Time Buyers in Durham a better rate than existing borrowers like you.
This is why we always advise that you take things slowly and get Mortgage Advice in Durham before accepting an offer. It can be hard to find a competitive deal with just one lender and that’s why we advise in shopping around first or approaching a Mortgage Broker in Durham.
A Mortgage Broker in Durham, like us, will search through thousands of mortgage deals until they find one that matches both your personal and financial circumstances. Here at Durhammoneyman, we will always have your best interests at heart and will try our absolute best to secure you that 1/1000 mortgage deal.
Tempted by an online switch?
Whilst swapping to a new deal with your current lender online may be easy, it is always in your interest to see what other deals you may be eligible for. Lenders will always try and tempt you to take their online offer over getting Mortgage Advice in Durham. They probably know that you can get a better deal but why would they want you to know that this is why taking Mortgage Advice in Durham can really help!
When you go to your Mortgage Broker in Durham, like us, you are guaranteed consumer protection which you don’t benefit from if you decide to go ahead with an online switch, you don’t receive any of this.
You’ll be opting out of advice
In past, we have seen that some customers just go for the most convenient option. This often leads to them missing out on a great deal that they could’ve accessed had they taken things slower or approached a Mortgage Broker in Durham.
You should always take advice, especially if it’s free! We offer a free mortgage consultation in Durham and can do all of the shopping around for you across our vast panel of different lenders in order to find an amazing mortgage deal.
If you end up on the wrong deal by accident or realise that you could’ve had a better one down the line, you can’t complain as you chose to opt-out on advice and do everything on your own through an online switch. Switching deals in the future will cost you a lot more than had you taken Remortgage Advice in Durham.
Open & Honest Mortgage Advice in Durham
We have been working within the mortgage industry for over 11 years now and know exactly how to find you a perfect mortgage deal. We can arrange everything for you and help get the ball rolling with your product transfer.
Even if your requirement seems straightforward we always recommend that you take Mortgage Advice in Durham. A second opinion costs nothing and making a mistake when taking a new product can be costly.
90% of the time savings can be made and this can be done by simply searching the market for a new deal. Let your Mortgage Broker in Durham help you secure that amazing deal, we can’t wait to hear from you!
Date Last Edited: December 6, 2023
