Mortgage customers approaching the end of their fixed-rate mortgage period are usually keen to find a new mortgage deal to transfer to as the alternative means reverting to the lender's standard variable rate, which is almost always higher than fixed-rate deals. Lenders can allow customers to secure a new mortgage deal up to 6 months before their current deal expires, but this varies across the market.
What is a mortgage product transfer window?
A mortgage product transfer window is a window of time before your fixed mortgage deal ends, during which you can negotiate a new mortgage deal to switch over to. Mortgage holders can usually negotiate a new mortgage deal during this time with a view to switching mortgage products without incurring an early repayment charge. It is important to note that a mortgage product transfer means you will transfer to a new mortgage deal with your existing lender. You can also remortgage and switch to a new lender but the process of remortgaging to do that is different and will usually require you to provide evidence of earnings as well as bank statements. Read our article "What is a product transfer and is it better than a remortgage?".
How does a mortgage product transfer window work?
Generally, your lender will contact you about your mortgage deal expiration shortly before your mortgage product transfer window opens so that you understand what action you can take and what will happen if you do not do anything. You may receive details of new mortgage deals that you can switch to once your mortgage deal expires. At this point, you can usually lock in a new mortgage deal while remaining open to other mortgage deals until the mortgage is actually transferred over.
When can I apply for a mortgage product transfer?
Shortly after mortgage interest rates spiked in 2022, a change to allow residential mortgage holders to lock in a new mortgage deal up to 6 months ahead of the end of their current mortgage deal was introduced as a way of helping them gain some control during a period of time when mortgage rates were on the rise. The government’s mortgage charter, introduced in June 2023, laid out a number of ways in which lenders could support mortgage customers facing the difficult effects of increasing mortgage interest rates and this was one of them. Some lenders have since tightened the product transfer windows but they continue to provide borrowers with time to consider their options.
Borrowers can start the remortgaging/transfer process early and secure a mortgage rate but still change deals if a better rate becomes available than the one they had planned to move on to. Borrowers are only tied to the locked-in mortgage deal 14 days before the existing mortgage deal expires, providing plenty of time to consider alternative mortgage deals before committing.
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How early can I lock in a new mortgage rate with my lender?
Although a few lenders will offer you up to six months to secure a new mortgage deal ahead of the end of your current mortgage deal period, you should check this as many lenders provide less time for this process.
When can I secure a product transfer deal?
| Lender | Advance period to secure a new mortgage product transfer ^ |
| Lloyds Bank | 4 months |
| NatWest | 4 months |
| Nationwide | 4 months |
| Santander | 4 months |
| Halifax | 4 months |
| Barclays | 90 days |
| HSBC | 180 days |
| Virgin Money | 180 days |
| Yorkshire Building Society | 90 days |
| Coventry Building Society | 4 months |
| TSB Bank | 3 months |
^ This indicates the earliest that you can choose to lock in a new mortgage deal with your current lender in advance of when your current mortgage deal expires, without paying an early repayment charge.
How to prepare to remortgage
If your current mortgage deal is due to expire in the next six months you should start planning now. As with any financial exercise, it is good to collect all of your current information. Check when your current mortgage deal will expire, what your mortgage balance is likely to be at that point and which, if any, fees may apply when you remortgage.
This is usually a good time to consider whether you wish to overpay your mortgage loan, as you can do so without penalty as part of the remortgaging process. Alternatively, you may wish to raise more capital for your financial needs or to consolidate debts, and this is usually a good time to do this as well. If you simply wish to secure a new mortgage deal on the basis of your existing mortgage balance, this should be fairly straightforward.
You can choose to contact your current mortgage lender, if they haven't already contacted you, to find out which mortgage deals are available to you. You usually won't need to complete further affordability checks and your lender may not request a valuation of your home, although it is wise to point out any changes that may have increased its value. Better mortgage rates are available to those with a lower loan-to-value (LTV) ratio and even a small increase in the value of your home could move you down from one LTV band to another where you may qualify for a more competitive mortgage deal.
Alternatively, you can use the services of a mortgage broker to search the wider mortgage market and potentially remortgage to a new lender. Mortgage brokers will help you to consider mortgage deals from across the mortgage market as well as your own lender's mortgage offerings. This could help you secure a more competitive mortgage deal, saving you money and providing you with useful assistance. Also, lenders sometimes offer broker-only mortgage deals which you may not be able to access as a direct customer.
If you don't have a mortgage broker, you can contact the online mortgage broker, Habito* - the brokers are well-versed in remortgaging and have access to over 90 lenders' mortgage deals. Habito does not charge a fee for its services so it won't cost you anything extra to gain the assistance of a Habito mortgage broker. Alternatively, you can search for a mortgage broker near you using the online professional directory services provided by Vouchedfor*.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Habito, Vouchedfor
