Mortgage lenders NatWest, First Direct and Barclays have changed the rules on product transfers to help existing borrowers lock in cheaper deals. A product transfer is when you remortgage to a new deal with the same lender, lenders will usually specify a time period in which borrowers can reserve a new mortgage rate before their existing deal expires. This time period is usually three months but it can differ depending on the lender.
Which lenders have extended product transfer deadlines?
In recent weeks, a number of major lenders including NatWest, First Direct and Barclays have all extended the time period in which existing borrowers can reserve a new deal. Locking in a new rate earlier could help existing borrowers save money ahead of likely rate increases following the latest hike to the Bank of England base rate. HSBC and The Co-operative Bank have also confirmed that they plan to extend product transfer deadlines in the coming days.
Mortgage lender product transfer time periods
Below we list the mortgage lenders that have extended the time period on product transfers.
| Mortgage Lender | Previous Product Transfer Period | New Product Transfer Period |
| Barclays | 3 months | 4 months |
| The Co-operative Bank | 4 months | 6 months |
| First Direct | 3 months | 4 months |
| HSBC | 3 months | 4 months |
| Natwest | 4 months | 6 months |
Remortgage now to get the best rate
If you are considering a product transfer ahead of the impending rate rises, you could of course consider remortgaging to a new lender altogether and most lenders allow you to reserve a deal 3 to 6 months in advance. It is a good idea to remortgage now if your fixed mortgage deal is due to expire in the coming months as you will avoid moving onto your lender's Standard Variable Rate (SVR), which is likely to be much less competitive than the fixed rate you were previously paying. For more information on the best time to remortgage read our article, 'Remortgaging in 2022 – is now the right time to fix & for how long?'
We would always recommend speaking to an independent mortgage broker as they can access the best deals on the market and provide advice and guidance along the way. If you don't have a mortgage adviser, you should take a look at Habito*, a specialist online mortgage broker or alternatively, get a free mortgage review with Vouchedfor*.
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