How to Remortgage Without Changing Lender
Switching to a new mortgage deal with the same lender is often the quickest route to a lower interest rate and smaller monthly payments.
Instead of moving your loan to a new provider, you accept a fresh offer from your current mortgage lender, keeping the same account and the same property.
This guide shows you everything you need to know about a product transfer, from checking your loan to value to comparing the savings with offers from different lenders.
Why Remortgage With Your Existing Lender?
Avoid the Standard Variable Rate
When a fixed rate or tracker ends, most borrowers slide onto their bank’s standard variable rate. That rate is usually two or three percentage points above the market.
A quick product transfer can stop that jump and save money straight away.
Less Paperwork
Your lender already holds your mortgage details, past payment history and identity checks. In many cases:
- No solicitor is needed
- The property valuation is automated
- Only a soft credit check is run
The whole remortgaging process can finish in a week, far faster than a full switch to a new mortgage lender.
Flexible Extras
With a same-lender remortgage you can:
- Add additional borrowing for home improvements
- Extend or shorten your mortgage term
- Change from interest-only to repayment (or the reverse)
All without moving money to another bank.
When a Product Transfer Beats Moving to a New Lender
| Scenario | Product Transfer Advantage |
|---|---|
| High loan to value | If your equity is thin or you are close to negative equity, most lenders would reject a new deal. Your current lender often accepts a higher LTV. |
| Recent income change | A pay cut, maternity leave or new self-employment can fail fresh affordability tests. Your lender may rely on previous records instead. |
| Urgent completion | Maybe your current deal ends in three weeks. A transfer can complete before your next direct debit. |
| Large early repayment charge | Leaving mid-term to a different lender would trigger a penalty. Staying put avoids that cost. |
Step-by-Step Guide to Remortgaging Without Changing Lender
1. Review the Current Mortgage Deal
- Find the exact end date of your introductory rate.
- Check what mortgage rate you will pay if you do nothing.
- Note any arrangement fee attached to a new offer from your lender.
2. Estimate Your Property Value
Online sold-price tools or estate-agent portals give a quick idea. A higher value means a lower loan to value, unlocking better pricing.
3. Compare Same-Lender Offers
Log in to your lender’s online portal or call the retention team. Look for:
- Two-year and five-year fixed rate options
- Tracker or discount rates if you prefer flexibility
- Any cashback or fee-free incentives
4. Benchmark Against the Wider Market
A seasoned mortgage broker will run figures across the best mortgage lenders. If a rival bank can cut payments even after fees, moving might be wiser.
5. Decide on Extra Borrowing
Need funds for a loft conversion, new kitchen or debt consolidation? Ask for an illustration that shows:
- Total loan balance
- Revised monthly payments
- Fresh loan to value once the extra money is added
6. Submit the Application
Most lenders accept an online declaration plus electronic signatures. Have these handy:
- Latest payslip or income evidence
- Recent bank statements if requested
- Up-to-date contact details
7. Receive the Mortgage Offer
Read the document, confirm the interest rate, check any early repayment charge and note the completion date.
8. Completion
Your lender switches you to the new deal on the agreed day, adjusts the direct debit and sends a confirmation letter.
Costs and Savings: Real-World Example
| Item | Old Deal | New Same-Lender Deal |
|---|---|---|
| Rate | 4.99% variable | 3.74% fixed for five years |
| Loan | £250,000 | £250,000 |
| Monthly payment | £1,456 | £1,291 |
| Arrangement fee | £0 | £999 (added to loan) |
| Annual saving after fee | About £1,700 |
Even with a fee, the borrower cuts yearly costs by a large margin. Always calculate the total amount repayable over the term to see the true saving.
Common Mistakes When You Stay With the Same Lender
- Missing the renewal window. Many lenders allow you to lock a new rate six months before the deal ends. Delay and you may overpay for weeks.
- Ignoring small print. Some product transfers sneak in higher fees than rival offers.
- Skipping a broker check. A ten-minute phone call can confirm whether a better interest rate exists elsewhere.
- Assuming auto-switch. Your bank will not move you automatically. You must request a product transfer or you will pay the variable rate.
Product Transfer Checklist
- Confirm property value and equity level
- Compare three or more remortgage deals from your lender
- Use a broker to benchmark against the market
- Check fees, payments, term and any early repayment charge
- Decide on additional borrowing needs
- Complete the acceptance before the current fix expires
Ready to Find the Right Deal?
If you want to remortgage without changing lender, Get In Touch.
Our advisers compare your bank’s product-transfer rates with every remortgage deal on the market so you can keep the convenience of the same lender or move if the numbers add up.
FAQs
Will my current lender run a full credit check?
Most lenders run a soft search for a product transfer. This leaves no footprint on your credit file and will not affect future applications.
How long does the product-transfer process take?
A same-lender switch typically completes within one to two weeks, sometimes faster if no manual valuation is required.
Can I remortgage with the same lender if my credit score has fallen?
Usually yes. Provided you have kept up monthly payments, many lenders offer retention rates even when your score has dipped.
Is it cheaper to borrow extra through a product transfer?
Often it is, because legal fees and valuation costs are small or free. The new funds are added to the same balance at the current rate.
What happens if my home is in negative equity?
If the value has dropped below the loan balance, most new lenders will not approve a switch. Your existing lender might still offer an internal rate, making a product transfer the safest option.
