You may have heard the term ‘ Product Transfer ‘ but do not know what it means.

In simple terms if you have an existing mortgage, be it on a fixed rate, a discount off your lenders standard variable rate ( SVR ) or a tracker linked to the Bank of England’s base rate – the majority of these schemes have an end date.

Once your scheme ends if you do nothing your mortgage will revert to your lender’s standard variable rate ( SVR ) which can be anything from 7.99% up to over 10% dependent on your lender meaning a big jump in your monthly mortgage payments.

Most lenders will contact you ( usually by post ) to advise you your scheme is coming to an end – dependent on lender this can be between 3 to 6 months in advance.

At this point it is best to obtain independent mortgage advice – Manchester Mortgages can look at the deals offered to you by your existing lender and also research the market for alternative lenders  ( subject to your circumstances ) to ensure you are obtaining the right deal for you.*

* Manchester Mortgages can arrange your product transfer with your existing lender ( usually at no cost to you ) even if they did not arrange the mortgage for you.

 Also by using Manchester Mortgages if they have arranged your product transfer they will review interest rates and if they fall before your product transferis due to start will apply for the lower rate, if rates increase the ( fixed ) rate you have booked will not increase.

Let Manchester Mortgages take the stress out of your mortgage – it’s what we do and have been doing for the last 20 odd years – ring 0161 706 0242 or email us at