Product Switch Mortgages

If your current fixed rate mortgage is coming to an end, or you’re on the standard variable rate, we can help you switch to a new mortgage rate.

What happens if I don’t switch my mortgage rate?
If you’re on a fixed rate which is ending soon, you’ll be moved onto the standard variable rate for your mortgage. Details of this can be found on your mortgage offer document.

Typically you can do the following:

  • Your mortgage payments will be variable so these could go up or down
  • You’ll be able to make unlimited overpayments
  • You could pay off your mortgage early without any Early Repayment Charges.

Why should you review your mortgage?
It pays to review your mortgage regularly to see is your current mortgage as competitive as the best new deals on the market today? You can save hundreds – perhaps thousands – of pounds by shopping around, so it’s a good idea to review your mortgage at least once a year to check whether you should switch to a better deal.

So, what’s the difference between a product transfer and a remortgage?
It’s easy to think that they are both the same thing, but that’s not actually the case.

A product transfer is a lot simpler to arrange than a remortgage – particularly if you’ve got a mortgage broker assisting you.

If you’re happy with your existing lender and don’t want to borrow any more money, arranging a product transfer is normally a very straightforward process.

That’s because, unlike a remortgage or further advance, you probably won’t need to have a formal valuation on your property.

Most lenders tend to use a software-based property valuation on product transfers, which takes minutes to return a result, rather than the days (or even weeks) it can take to arrange for a normal mortgage valuation survey.

Also, as the lender already holds the title deeds to your property, normally there isn’t any legal paperwork involved either, which cuts down on both time and costs.

On the flip side, the thing to remember with a product transfer is that you’ll only be advised by your existing lender of products that they offer; they aren’t able to talk to you about the rest of the market or advise you on what else is out there which may be more competitive. This is why it is important to use a broker to double check the market for you.

Generally, a product transfer can be sorted out quickly by your mortgage broker, and once you’ve received your Agreement in Principle (AIP) the whole thing can be done and dusted in a couple of weeks.

We don’t tend to publish mortgage rates on our website – ever more so for product transfer mortgages. In most cases rates are negotiable and based squarely on the individual circumstances of the borrower, their plans, assets and income.

Firco is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.

Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to or call us on 0151 372 0388