Product Transfer
Switching to a new mortgage deal with your existing lender without going through a full remortgage application.
What is a Product Transfer?
A product transfer (sometimes called a rate switch) is when you move to a new mortgage deal with your current lender. Unlike a full remortgage, this process does not usually require a property valuation, affordability assessment, or solicitor involvement. You are simply choosing a new rate from your existing lender's range of products.
Why it matters
Product transfers have become increasingly popular in the UK, now accounting for a significant share of all mortgage transactions. They offer a fast and hassle-free way to avoid falling onto the SVR when your current deal ends. Many lenders allow you to complete a product transfer online or over the phone in a matter of minutes.
Advantages of a product transfer
The biggest advantage is simplicity. Because you are staying with the same lender, there is no legal work, no valuation, and usually no arrangement fee or a lower one. The process can be completed in days rather than the weeks or months a full remortgage might take.
Product transfers are also particularly valuable if your circumstances have changed in a way that might make passing a new lender's affordability checks difficult. Your existing lender typically does not reassess your finances for a product transfer, making it accessible even if your income has dropped or you have taken on additional debt.
When a remortgage might be better
The trade-off is that your current lender may not offer the most competitive rates on the market. A full remortgage with a different lender could save you more money, even after accounting for fees and legal costs. It is always worth comparing your lender's product transfer rates against the wider market before deciding.
Important caveats
Product transfer rates are not always publicly advertised, so you may need to log into your lender's portal or call them directly to see what is available. Start checking at least three months before your deal ends. Some lenders let you secure a product transfer rate up to four or even six months in advance, giving you time to compare with remortgage options while keeping a fallback in place.
Related Terms
Remortgage
The process of switching your existing mortgage to a new deal, either with your current lender or a different one, usually to get a better interest rate.
Early Repayment Charge (ERC)
A fee charged by your lender if you repay your mortgage or overpay beyond allowed limits during a fixed or discounted rate period.