Remortgage vs Product Transfer – What’s the difference?

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With the current low interest rates, a remortgage or a product transfer may be attractive options for your existing mortgage. I can arrange both of these options for you, but you may be asking yourself – what’s the difference?

  • A Remortgage is when you decide to either borrow a different amount, or decide to switch to a new lender, for example if you’ve come to the end of your existing mortgage product. They usually require full valuations, affordability assessments and credit checks to be carried out.
  • A Product Transfer is a simpler process where you transfer onto a new mortgage product with your existing lender. It’s usually for the same amount as your existing mortgage, and so does not normally include a full valuation. There are generally less legal steps, and the process takes less time.

Another form of product transfer is a Further Advance which allows you to borrow more money with your existing lender and can be especially useful when looking to renovate or extend a property. There are pros and cons to all of these options, so it’s best to speak to your adviser for more details before pursuing any option.

Whatever is next for your mortgage, The Mortgage Mum is here to support you. As the property market returns gradually there may be delays from lenders and valuations as they look to catch up with any backlog. Given the changing environment at present, the best thing you can do if you have any questions is to contact us, and we’ll be able to take you through which options suit you best.

Please get in touch via our website, by emailing me at or by reaching out via any of my social media channels.

I look forward to hearing from you.

Sarah Tucker, Founder of The Mortgage Mum