Your mortgage deal is coming to an end. Your current lender sends you an email offering you a new rate. It looks straightforward.
Click. Accept. Done.
And sometimes, that really might be the right option.
But before you accept the first rate you’re offered, it’s worth taking a moment to ask one simple question:
Have I checked what else is available?
A product transfer with your existing lender can be convenient, and there are circumstances where staying with your current lender makes perfect sense. But your existing lender isn’t necessarily the only option available to you.
That’s where a mortgage review can be useful.
What is a product transfer?
A product transfer is when you stay with your existing mortgage lender but switch from your current mortgage deal to a new one.
For example, you might currently be on a five-year fixed-rate mortgage. As that fixed period comes to an end, your lender may offer you a selection of new fixed or variable rates.
You can choose a new deal with that same lender rather than moving your mortgage to another provider.
This is different from a remortgage, where you move your mortgage to a different lender while staying in the same property.
A product transfer can be relatively straightforward, particularly where you’re not looking to change the amount you borrow.
So, if your existing lender has sent you a new rate, it doesn’t necessarily mean you’ve been given a bad deal.
But it also doesn’t necessarily mean it’s the only deal worth considering.
Why staying with your current lender might be right for you
There are some genuine advantages to a product transfer.
It can be simpler
Staying with your existing lender may involve less paperwork and fewer steps than moving your mortgage elsewhere.
Depending on the circumstances and lender, a product transfer without additional borrowing may not require the same affordability assessment as a new mortgage with another lender.
Your circumstances may make it suitable
Perhaps your income has changed, your household expenses have increased or your circumstances are different from when you originally took out your mortgage.
A product transfer may be an option worth considering if getting a new mortgage with another lender could be more complicated.
You might have a competitive rate already
Mortgage pricing changes over time, and your existing lender may offer you a rate that is competitive with the wider market.
The important thing is to check rather than assume.
So when could it be worth exploring other lenders?
This is where things can get interesting.
Your existing lender knows you as a customer, but they aren’t necessarily offering you every mortgage product available across the market.
A different lender may have a mortgage that better suits your circumstances, whether that’s because of the interest rate, fees, flexibility or another feature that’s important to you.
MoneyHelper recommends checking the wider market when your mortgage deal is coming to an end rather than simply assuming that staying with your current lender is the best option.
However, a lower interest rate doesn’t automatically mean a better mortgage.
You also need to consider:
- Arrangement or product fees
- Early repayment charges
- Legal or valuation costs where applicable
- The overall cost of the mortgage
- Overpayment options
- The length of the deal
- Flexibility if your circumstances change
- Whether you meet the new lender’s criteria
A mortgage with a slightly higher rate but lower fees, for example, could potentially work out differently from one with a lower headline rate and a substantial product fee.
It’s about looking at the whole deal, not just the number next to the interest rate.
What if your circumstances have changed?
This is one of the biggest reasons not to simply accept a new rate without considering the bigger picture.
Think about what’s changed since you took out your current mortgage.
Maybe:
- Your income has increased
- Your income has decreased
- You’ve become self-employed
- You’ve had children
- Your household costs have changed
- You’ve taken on other borrowing
- You’ve paid down a significant amount of your mortgage
- Your property’s value has changed
- You’re thinking about moving house
Your circumstances today may be very different from when you originally arranged your mortgage.
If you move to a different lender, you’ll generally need to meet that lender’s affordability and eligibility criteria, and they may assess your income and outgoings as part of the application.
That’s one reason a mortgage review can be useful.
The question isn’t simply “What’s the lowest rate?”
It’s:
“What mortgage options are suitable for me now?”
Why does timing matter?
Don’t leave your mortgage until the last minute if you can avoid it.
MoneyHelper recommends reviewing your mortgage well ahead of your current deal ending, with many borrowers starting the process around six months beforehand.
This gives you time to:
- Find out exactly when your current deal ends
- Understand your current mortgage balance
- Consider your circumstances
- Look at your existing lender’s options
- Explore other suitable mortgage products
- Consider any fees or early repayment charges
- Decide what you actually want to do
It also gives you time to make a decision without feeling like you have to click “accept” on the first email that lands in your inbox.
And remember: mortgage rates can change. Nobody can guarantee where rates will be by the time your mortgage deal ends.
The useful thing you can do is be prepared and understand your options when the time comes.
Questions to ask before choosing your new mortgage deal
Before accepting a new rate, consider:
1. When does my current mortgage deal actually end?
Check your paperwork or contact your lender if you’re unsure.
2. What is my current mortgage balance?
This can affect the options available to you and your loan-to-value position.
3. What rate is my current lender offering?
Make sure you know exactly what you’re being offered.
4. What will the total cost be?
Don’t look at the interest rate alone. Consider fees and other charges too.
5. Could another lender offer something suitable?
This is where comparing the wider market can be useful.
6. Have my circumstances changed?
Your income, family, employment, expenditure and future plans may all be relevant.
7. Am I likely to move house during the new deal?
If there’s a possibility you may move, check the mortgage’s flexibility and any early repayment charges.
What can a mortgage broker actually do?
This is where we think having someone in your corner can make life easier.
You can contact your current lender, find out what product transfer rates they’re offering and make your own decision.
But if you don’t have the time — or simply don’t want to spend your evening comparing mortgage products — that’s where a mortgage broker can help.
We can look at your circumstances, consider the options available and help you compare them.
That might mean:
“Actually, your current lender’s offer looks suitable.”
Or it might mean:
“There are other options worth considering.”
And sometimes, the answer isn’t about getting the absolute lowest rate. It might be about flexibility, affordability, fees, future plans or simply finding a mortgage that fits your circumstances.
Our job isn’t to make you change lender.
It’s to help you understand your options.
You don’t have to change lender just because you speak to us
This is important.
Getting your mortgage reviewed doesn’t mean you have to remortgage.
It doesn’t mean you have to move lender.
And it certainly doesn’t mean you need to make a decision there and then.
Sometimes, after looking at the options, staying with your existing lender through a product transfer may make sense.
That’s absolutely fine.
The value of a review is knowing you’ve looked at the options before making that decision.
Your lender’s offer might be perfectly good. But have you checked?
The mortgage market can feel complicated enough without trying to work out whether the rate sitting in your inbox is actually suitable for you.
And we know that, for many households, every pound matters.
So rather than promising that we’ll find you a better deal — because nobody can promise that — we’d rather say:
We’ll look.
We’ll consider your circumstances, compare the relevant options and help you understand what you’re looking at.
If your existing lender’s product transfer is the right route, we’ll tell you.
If there are other options worth exploring, we’ll explain those too.
Because convenient doesn’t always mean you’ve explored every option.
And sometimes, the best mortgage decision is simply the one you’ve made knowing what was available to you.
Is your mortgage deal ending soon?
If you’re approaching the end of your fixed or discounted-rate mortgage, now could be a good time to start thinking about what happens next.
You don’t have to figure it all out yourself.
📩 Get in touch with Go2Mortgages for a conversation about your options.
No pressure. No promises. Just straightforward mortgage advice from a team who will take the time to understand your circumstances.
Your next mortgage deal is worth a proper look.
Mortgage availability, rates and lender criteria change regularly. Any mortgage recommendation will depend on your individual circumstances and the lender’s criteria at the time of application.
