When you are reaching the end point of your initial fixed period of your mortgage term, generally homeowners start to look for their options on what to do next, with a remortgage in Sunderland being one of the most popular choices. Another choice is a product transfer in Sunderland.
This may not be something that many homeowners are familiar with, especially if you have been doing your own research ahead of the end of your fixed period. You could say, however, that product transfers are just as popular, if not more popular than an actual remortgage in Sunderland itself.
To explain the difference here, a remortgage in Sunderland is a new mortgage that replaces your old mortgage, with a different mortgage lender. They usually have better rates of interest and lower payments. They typically require documentation to be submitted, before you can get those deals.
A product transfer in Sunderland on the other hand, is the same concept but with the same mortgage lender. What this means, is that so long as your circumstances aren’t different, additional documentation isn’t usually required; You have already been accepted by that mortgage lender once before!
One of the main reasons why a customer might look to take out a product transfer in Sunderland instead, is that you could be able to save yourself a good amount of money. This in itself can be quite appealing to homeowners.
This is because when you product transfer in Sunderland, you don’t need to pay solicitors fees, may be able to avoid early repayment charges and also may not have any redemption fees. There may still be some arrangement fees for you to pay, however.
A product transfer in Sunderland may also serve to save you a great deal of time and make your process a lot easier. Remortgages in Sunderland may take a while to complete, whilst with a product transfer in Sunderland, because the mortgage lender already knows you and your habits, it can be much quicker.
Whilst product transfers in Sunderland may seem appealing, some may still instead look to remortgage in Sunderland. These are also incredibly popular, due to the flexibility involved with those types of mortgages.
Think about it; You have access to multiple mortgage lenders, with a variety of deals that could be better. Finding one of these otherwise inaccessible mortgage deals could save you a lot of money in the long run.
Additionally to this, a product transfer in Sunderland only means you can take out a new mortgage on the same term you have already agreed to. A remortgage in Sunderland possibly gives you the ability to change your term and allow for the next remortgage in Sunderland to go much easier.
Another choice that is popular, is taking out a remortgage in Sunderland to release equity. Equity is the difference between what you owe on the property and the value of it. This is usually done for all kinds of reasons, such as to fund home improvements, place a deposit on another property and more.
Releasing equity will not work exactly the same with product transfers in Sunderland, though you could possibly find yourself making use of something called a further advance. You should get in touch with a mortgage specialist to learn more about product transfers and further advances in Sunderland.
As a general rule, because you are not moving out of the property, there will be no need for a solicitor to be involved when you take out a product transfer in Sunderland.
Where this will become necessary, is if you are going to be making any changes to your mortgage terms, such as removing or adding a name from your mortgage contract. Once this is set to happen, you will most likely need a conveyancer or solicitor.
Generally speaking, you will not need to have a credit check taken out on you for a product transfer in Sunderland. This can differ between mortgage lenders. The reason this typically occurs, is because the mortgage lender already has a record of you being able to keep up mortgage repayments.
Alternatively to this, if you have, if you have had credit problems during your current mortgage or are remortgaging with another lender to perhaps release some equity, you may find yourself with another credit check taken out on you.
When you take out a product transfer in Sunderland, you may need to plan ahead and think about whether you can foresee yourself moving home at any point in the future. Your current mortgage deal may or may not allow porting a mortgage to a new property.
Instead, a remortgage in Sunderland may allow you to achieve this type of flexibility, by selecting a mortgage deal that may give you the choice to take your mortgage with you if you ever decide to move home.
Our team offer expert remortgage advice in Sunderland and will be able to take a look through your case and figure out what it is you are looking to achieve. Not only can we get through your process efficiently, you’ll also benefit from the variety of deals we have with our large panel of mortgage lenders.
We genuinely care about our customers and our service goes beyond just typical remortgage advice in Sunderland. If you are looking to product transfer in Sunderland, we can help with this. If your mortgage advisor in Sunderland feels like a remortgage is better for you, however, they will advise as such.
We believe in being completely transparent with all of our customers, your best interest should always be a priority. To discuss your options for either a product transfer in Sunderland or a remortgage in Sunderland, book a free remortgage review and speak to one of our mortgage experts.