Product transfers and remortgages each have their benefits.
A remortgage gives you access to a far wider range of products than any single lender can offer, ultimately giving you more choice and potentially lower rates than your existing provider offers.
However, a product transfer could be preferable if speed is of essence. Product transfers can fast-track the refinancing process, offering a quicker route to locking in a new deal, and can even help you save on additional mortgage costs such as valuation or legal fees. It may also be appropriate if your financial circumstances have shifted since you first took out your mortgage. Another plus is that you don’t have to undergo any affordability checks when you opt for a like-for-like product transfer – and if your property hasn’t gone down in value, you can keep borrowing on the same terms as your original deal, but with a new rate.
Making the right decision, however, ultimately depends on your requirements. There’s no one-size fits-all solution if you’re looking to refinance. Your situation may have changed since you last took out a mortgage product and this will inform your choice between a remortgage or a product transfer. For more information, please visit our product transfers page.
As a responsible lender Coventry Building Society are also able to help if you're worried about your finances and if you've been affected by the interest rate increases.