Mortgage product transfers explained
It’s not an uncommon scenario that as our mortgage comes to the end of a fixed rate period, our current lender will contact us with a ‘product transfer’ offer. As many of us are time-poor, it can be tempting to opt for the ‘easy’ fix – after all, the lender can quickly take care of things and transfer our borrowing to its new product.
The problem is that, in many instances, homeowners are not being given a full review of the market and could be losing out financially. Although the product transfer may be the best deal that the lender can offer, it may not be as advantageous as other property finance available across the whole of market.
Even if working with a mortgage broker, it is worth checking that the adviser has access to ‘whole of market’ as many brokers only work with a limited range of lenders.
The importance of choosing a Whole of Market broker
Only by working with a mortgage broker who has access to the whole of market, such as NM Finance, can a homeowner truly ensure they will access the best property finance available at the time and considering their particular circumstances.
Even if the broker cannot achieve the same rate or better than the current lender, a whole of market adviser will have done a complete sweep of what is available and will inform the homeowner accordingly to ensure they always get the best deal.
Clients for life
At a recent conference of mortgage experts, speakers spoke about the importance of retention rather than acquisition in working with clients in the coming months. NM Finance is already focused on client retention with its advanced customer relationship management (CRM).
With this, NM Finance’s advisers proactively contact clients throughout the lifetime of their mortgage, enabling plenty of time for whole of market reviews and to advise them in good time ahead of a remortgage or as a borrower’s circumstances change. With plans to further develop its CRM, the Norwich and London-based mortgage broker is working hard to ensure it stays ahead of the curve and offers its customers the best possible remortgage experience.
What should you do now?
Before you choose to switch to your mortgage lender’s product transfer option, give us a call and let us check the best remortgage deal possible for you – you really do not have anything to lose and everything to potentially gain.