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Should I stay with my current lender or remortgage to a new lender?

As mortgage brokers, we love meeting new clients and arranging their initial mortgage, however that is not the end of our client journey.  We take great pride in helping clients when their mortgage comes up for renewal by either using their current lenders product transfer service or a remortgage.

A product transfer is where you reach the end of your initial mortgage deal and your current lender offers you a new rate to stay with them.  A product transfer is great for clients who’s situation has changed, sometimes for the worse (income, debt etc) as the process is generally seamless and painfree.

As part of our fact find meeting, we will assess your current situation and advise on the pro’s and con’s of using either a product transfer or remortgage to a new lender.

Below we have detailed the differences between both –


Product Transfer



Quicker process with less paperwork

Similar to the original application


No charge and normally an indexed desk valuation.  Downside is that any major home improvements will not be noted

Generally assessed by a valuer and free of charge

Product choice

Limited to current lender

Choice of brokers panel

Repayment vehicle

The lender will normally allow you to keep the same repayment method

Normal repayment rules apply


Lender probably won’t allow terms changes

Flexible depending on the lender you choose


No legal work involved

Legal work will be performed by the new lender usually for free but they are time consuming

Title Changes

Not allowed

Most lenders will allow this but there maybe an additional charge from the solicitors

Capital raising/Debt consolidation

This is normally a separate application and subject to underwriting

Any legal reason apart from tax bills and business start-ups.

This list is not exhaustive and in every instance you should seek the advice of your mortgage broker.

A fee of up to £499 may be charged depending on individual circumstances.  A typical fee is £249 and is payable on completion.

The Mortgage & Insurance Bureau was created in 2003 in order to meet increasing demand from clients for advice on the ever complex mortgage market.

Our typical clients are busy, successful people who demand a high level of service. They want to deal with professional, knowledgeable staff, who are experts in their field.

Since our launch, The Mortgage & Insurance Bureau has established itself as one of the Region’s leading mortgage brokers and has won numerous industry awards for our service and performance.

Our staff have decades of experience in the mortgage industry and there are few challenges we cannot meet.