Remortgage vs Switch

What's the difference between a Remortgage and Switching Rates?

A remortgage is getting a new deal by moving to a new lender. A switch (also known as a product transfer) is when you stay with your existing lender and get a new deal.


A remortgage can sometimes get you a lower rate, however, you will be requried to go through a full application, credit check, income assessment and involve a solicitor/surveyor.


Switching rates with your existing lender can be done on the same day and no further assessment is required. Moreover, with some lenders you can switch your rate up to 3 months before the end. Thus negating any savings you may have made moving elsewhere. There are also no legal costs or valuation fees.

 


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