By admin 2020-10-26 17:21:06

Remortgage With Same Lender or Change Mortgage Provider

If you remortgage with your current lender, by merely moving to a new rate or deal it becomes a “product transfer”.

You can remortgage whenever you decide to change the deal that you’re currently on. Switching to a new rate, term, loan or other special features may not mean that you should swap mortgage providers.

How long does it take to remortgage with the same lender?

It is a swift process. You can do a product transfer with the same lender within 24 hours, so it can be a good option if your sole concern is avoiding the higher rates of the (SRV) Special Rate Variation.

Why remortgage with the same lender?

Simply because remortgaging with the same lender is easy (Product Transfer). There is an admin associated with switching lenders such as reapplying for a mortgage. This includes checking your affordability, eligibility, credit check, property valuation and having your lawyers involved.

A Product Transfer has no administration involved because your lender can easily send you different rates that you can choose from and transfer your current mortgage debt as well. This process can take place at the end of the introductory period before your standard variable SRV begins.

SVRs are mainly bad as they hardly give out the best mortgage deals to choose from. It is best to compare the rates to SVR once your lender sends you a list of a variety of rates explaining the amount of money each of them will save you.

You don’t need much to do a remortgage with the same lender. It starts with agreeing to the new terms with no extra checks, lawyers, and no fees.

Advantages and Disadvantages of Product Transfer


; No costs
  • Quick and easy
  • Saves money compared to SRV


  • Not easy to get a flexible mortgage
  • Miss out on Loan-To-Value changes.
  • Doesn’t save much compared to remortgaging with a new lender.
  • Full affordability assessment.

See your remortgaging options by visiting SmartmortgagesUK today and get a quote today.

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