Updating your mortgage with the same lender without additional borrowing or altering the length of the mortgage is called a “product transfer”. Here at Path Mortgages, we do not charge for the service of updating your mortgage in this way. The process of completing a product transfer is a simple task and requires a lot less administration than a full remortgage to another lender.
How do you update your mortgage to a new rate?
You start by speaking with one of our advisors. We will look to fully understand your circumstances so we can best advise on whether it makes sense to stay with your existing lender or to move to a new lender. Should staying with your existing lender be the right choice, we will complete the paperwork for you at no cost.
Why don’t I just update the product myself?
Not only can we compare the products with the wider market, we monitor the change over to the new rate, and keep an eye on changes to rates whilst we wait for the update to take place. Should a lower-cost product become available we update this free of charge. Once the update has been completed, we will make a record, and notify you when your mortgage is up for renewal next time meaning you’re on the ball for next time.
If you choose to update the product yourself, you may find yourself looking at a range of products. These products can range in interest rate, setup fee, and terms. The system you use is not an advisory service, meaning if you make a mistake, the blame is on you. An adviser is different as we will highlight the pros and cons of each option, logically explaining the true cost of each option.
How long does it take to update the mortgage rate with the same lender?
Updating the mortgage rate can often be completed on the same day, however, some lenders require notice to avoid dropping onto the higher standard variable rate. The best ideal situation is to speak with us 6 months before your rate ends, however, even if you have already entered the standard variable rate we will help you put that application in as soon as possible.
How do I sign up?
If you would like a free comparison of the market and an adviser to help you update your mortgage rate, contact us on 01778 428158, alternatively you can book an appointment using this link
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your home may have to pay an early repayment charge to your existing lender if you remortgage
