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- Remortgage with the same lender | Product transfers explained
Remortgaging with the same lender: a guide to product transfers
Remortgaging with your current lender, also known as a product transfer, can often feel like a more straightforward way to secure a new mortgage deal when your existing one is coming to an end. However, there are some key things to consider when deciding to stick with the same lender. Let’s explore how the product transfer process works and whether it could be the right option for you.
What is a product transfer?
A product transfer means you’ll switch to a new mortgage product offered by your existing lender, instead of going through the process of applying for a new mortgage with a different lender.
“Usually, home owners switch mortgages when their current deal comes to an end to avoid moving on to the lender’s standard variable rate, which can be much higher than the rate offered on their other products. However, you might consider changing your mortgage to get a better rate, adjust the mortgage term, borrow more money or to change the mortgage type entirely. It’s worth speaking to a broker to compare your mortgage options." - Jason McDonald
How does remortgaging with the same lender work?
Find out when your current deal ends. You’ll usually be able to lock in a new mortgage deal up to six months in advance of your current deal ending, so it’s worth knowing when your introductory period ends.
Your lender will contact you to let you know your options. They’ll likely send you details of the mortgage products available to you as an existing customer. At this point, get a redemption statement so you know how much is remaining on your current loan (and therefore how much you need to borrow when you remortgage).
Compare mortgages from across the market. Compare deals from your current lender with ones available from other mortgage providers. You may find better interest rates or more suitable terms elsewhere.
Apply with the right lender for you. Once you’ve compared your options carefully and checked your eligibility, you can either go ahead with the product transfer or apply for a remortgage with a new lender.
Product transfers are usually quicker. Your lender will typically only require some basic information, and you usually won’t need to involve a solicitor. You'll complete the necessary paperwork and agree to the new mortgage terms.
You’ll continue making your mortgage payments. Once your existing deal ends, you will automatically transition to the new terms and begin making payments as outlined in your new mortgage agreement.
Book a free mortgage broker consultation
Want to explore your mortgage options? Our trusted partner, Mojo Mortgages, can help you compare deals from over 70 lenders.
They’ll help you work out if you might be better off sticking with your current lender, or if a new one might offer a more suitable product.
Benefits of remortgaging with the same lender
Quick and convenient. A product transfer involves less paperwork, and a solicitor is usually not required, so it’s a faster process compared to a full remortgage.
More likely to qualify. If your circumstances are complex or your financial situation has changed, you may be more likely to get approved for a product transfer with your existing lender.
You could save money. You could avoid property valuation fees, legal fees and exit fees that can often apply when you remortgage with a new lender. It’s worth mentioning, though, that many lenders will offer to pay legal and valuation fees as an incentive for switching to them.
Avoid a property valuation. Your current lender already knows about your property, so there’s usually no need for a new valuation.
You may not need a credit check. Your lender already gathered the necessary information during the initial mortgage application process. So, if your financial situation hasn’t changed too much and you don’t wish to make any changes to your mortgage terms, you may not need to go through affordability or credit checks.
Get access to exclusive rates. Some lenders offer preferential rates to existing customers.
Disadvantages of remortgaging with the same lender
You could miss out on better deals. Your current lender might not offer the most competitive rates available on the market.
Your loan-to-value (LTV) ratio might not be taken into consideration. If your property's value has increased or you've paid off a significant portion of your mortgage, your LTV might have improved. While this might not be reflected in the rates offered if you choose a product transfer, a lower LTV could qualify you for better rates with a new lender.
Limited options. You’ll be restricted to the products offered by your current lender, which may not come with the features and flexibility offered elsewhere.
Less flexibility. If you want to borrow more, change the deal type or extend or reduce your mortgage term, you may need to go through a full remortgage application. This could be either with your existing lender or a new one.
5 things to consider when staying with your current mortgage lender
Lock in your rate before your current deal ends. You can usually secure a product transfer or remortgage deal three to six months before your existing deal ends. This gives you peace of mind you have a new deal lined up but, if you spot a better rate in the meantime, you may be able to switch deals again right up until a few weeks before completion.
Don’t automatically stick with your current lender. It’s important to compare your options across different lenders. Some may offer more competitive rates, or terms better suited to your current lifestyle. This can include things like more flexible overpayment terms or the ability to port your mortgage if you’re planning to move in the future.
Think about your long-term goals. You may wish to shorten or lengthen your mortgage term, or apply to borrow more (for example, if you’re considering home improvements). Consider whether your existing mortgage provider will offer you the terms you need, or if you may need to look elsewhere.
Consider if your circumstances have changed. If your income has changed or your credit history has worsened since you got your original mortgage, this may impact your ability to qualify for a mortgage from a new lender. You may, therefore, be better sticking with your current provider.
Ask about fees. You’re unlikely to need to pay legal or valuation fees when you get a product transfer but you may still need to pay product fees (sometimes called arrangement fees). Always look at the total cost of any mortgage deal, including fees as well as interest rate, to make sure you’re choosing the right option for you.
Find the right mortgage deal
Navigating the world of remortgages can be tricky. While you could save time and money on fees when opting for a product transfer, switching to a different lender could give you access to better rates.
Our trusted partner, Mojo Mortgages, can help. Their expert brokers will compare your options and recommend the most suitable deal for you.
FAQs
Will you still need a credit check if you remortgage with the same lender?
You will usually not need a full credit check if you remortgage with the same lender for a simple product transfer. That’s because the lender already knows your history, details about your property and your record of making mortgage payments.
However, if you want to borrow more money, change the mortgage term significantly, or you have had problems making your mortgage payments in the past, your lender is likely to perform a credit check and affordability assessment to ensure you can still manage the payments.
What do you need to remortgage with the same lender?
While you won’t need to provide as much information and documentation as you would if you were remortgaging, you’ll still need to provide:
Details of your current mortgage and the new mortgage product you want to transfer to
Personal details and contact information
Property details (your current lender may have this on file)
If you want to borrow more or change your mortgage length, you may need to provide updated information on your income and outgoings too.
Can you remortgage early with the same lender?
Yes, it’s possible to switch deals with the same lender before the end of your current deal’s introductory period. However, early repayment charges may still apply for doing so. These charges can be significant, and can sometimes outweigh any cost savings you’ll get by moving deals.
You will usually be able to look for new deals around three to six months before your current one comes to an end without incurring early repayment charges.
How long does it take to remortgage with the same lender?
A product transfer can often be done within a week or even a few days whereas switching to a new lender can take between four and eight weeks (and sometimes longer).
However, the process can take more time if your lender requires updated information, you want to borrow more, or you’re looking to change the terms of your mortgage.
YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.
*Average savings are based on Mojo Mortgages residential remortgage sales data, compared to the average SVR in May 2025. Actual savings will depend on individual circumstances.