Should I Remortgage or Choose a Product Transfer?

Choosing between a remortgage and a product transfer comes down to what your current lender is offering and what you could get elsewhere.

Price matters, although your future plans and any changes to your circumstances can be just as important. A product transfer keeps your mortgage with the same lender on a new deal.

A remortgage moves your borrowing to another lender. Before your current deal ends, it makes sense to compare both rather than automatically taking the easiest option.

When Could a Product Transfer Be the Better Option?

Staying with your current lender can work well if they are offering a competitive rate and you are happy with your existing mortgage.

The process can also be simpler. Depending on the lender and the changes being made, you may not need a new valuation or full affordability assessment.

This can matter if your circumstances have changed since taking out your mortgage.

Your income may have fallen, your employment could look different, or changes to your credit history might make moving lender more difficult.

If the deal itself stacks up against the alternatives, a straightforward product transfer can be a perfectly reasonable choice.

When Could Remortgaging Be Worth It?

Remortgaging gives you the opportunity to see what other lenders are prepared to offer. Your position may have changed significantly since you last arranged your mortgage.

You could have repaid more of the balance, while the value of your home in Scunthorpe may also have changed. This can affect your loan to value and the mortgage rates available to you.

A different lender may also suit you better if your income or circumstances have changed. Mortgage criteria vary, so staying with the same lender is not always the only realistic option.

Which Option Is Actually Cheaper?

The lowest interest rate does not necessarily mean the lowest overall cost. Product fees, valuation costs, legal fees and incentives can all affect the comparison.

You should also consider any early repayment charges on your existing mortgage, particularly if you are thinking about switching before the current deal ends.

This is where comparing the full cost of a product transfer against a remortgage becomes important. A small difference in rate can look attractive without necessarily saving you money once the other costs are included.

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What If You Want to Change Your Mortgage?

Your plans for the next few years can influence which route makes more sense.

You might want to reduce or extend your mortgage term, change the way you repay your mortgage or raise additional funds.

If you are looking to borrow more, your existing lender may offer a further advance. Remortgaging could provide another option.

Homeowners considering a remortgage in Scunthorpe may also want to raise money for home improvements or another acceptable purpose.

Affordability and lender criteria will determine what is possible. It is also worth thinking about any plans to move home.

Locking into a new deal with early repayment charges could become expensive if the mortgage cannot be taken with you to your next property.

When Should I Compare a Product Transfer and Remortgage?

You can usually start reviewing your options several months before your existing mortgage deal ends.

Starting early gives you time to compare your lender’s product transfer rates with remortgage deals available elsewhere.

It can also help you avoid reaching the end of your deal without another arrangement in place.

Our mortgage advisors in Scunthorpe can compare the options available from your existing lender with suitable deals elsewhere.

If a product transfer offers the better outcome, there is no reason to change lender simply for the sake of remortgaging.

If another lender offers a more suitable option, we can explain the costs and differences before arranging the remortgage.

Date Last Edited: August 21, 2026