We are receiving plenty of enquiries from customers who are looking for ways to reduce their monthly mortgage payments but are unsure how to approach the matter. For many, a product transfer can often be a quick, efficient and convenient way to switch to a lower-cost product and stay with their existing lender.
If you are approaching or have already come to the end of a fixed-term, it is important you act quickly to access the best rates. The good news is our award-winning brokers are on hand to help.
We recently helped a portfolio buy to let client with several product transfers, saving them over £100,000 over the lifetime of their deals.
Product transfers can take place very quickly and this is supported by utilising modern technology. One issue we found however is that lenders tend to use an automated valuation system, sometimes known as a desktop valuation to determine the current property value. In many cases this is fine but sometimes there is a discrepancy between what the property owner believes the value to be and the automated value.
In this situation, it may be advisable to instruct a physical valuation at the property owner’s cost. If the property is subsequently up valued, the lender will often refund the cost of the valuation. We recently helped a client assess and challenge a total of four product transfer valuations, three of which were successful resulting in substantial savings in mortgage payments.
If you need help with your mortgage or would like to discuss options available to you, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444 alternatively schedule a call back by clicking on the button below.