How a Simple Remortgage Rate Switch Helped a Busy Professional Secure Better Terms

Anonymous Customer Overview

A hardworking professional in their mid-40s, based in the UK, reached out to Deal Direct Financial Solutions seeking guidance on their upcoming mortgage renewal.

With a demanding job requiring 60-hour workweeks and multiple mortgage elements with Coventry Building Society, managing mortgage products and exploring new deals was becoming increasingly challenging.

Challenges: Dealing With Multiple Mortgage Elements and Limited Time

The customer faced a unique situation:

• Multiple mortgage elements: Their home loan was split into three parts—a main mortgage, a £60,000 advance for home improvements, and an additional £150,000 upon moving to a new property.
• Fixed-rate expiry: Only one portion of the mortgage was due for renewal soon, while the others remained in fixed terms.
• Early repayment concerns: Exiting the fixed-rate early would mean significant early repayment charges on the other two parts.
• No time for frequent rate monitoring: With an extremely busy schedule, the customer couldn’t keep tabs on fluctuating mortgage rates or review the deal every few months.

Our Tailored Mortgage Solution: The Remortgage Rate Switch

After listening carefully, our specialist recommended a remortgage rate switch (also known as a product transfer) with the customer’s current lender, Coventry Building Society. Here’s why this solution was right:

• No early repayment charges: By switching rates on the single expiring element and leaving the others untouched, the customer avoided unnecessary penalties.
• No legal or valuation hassles: As the switch was handled within the lender, there were no solicitors’ fees, property surveys, or lengthy paperwork involved.
• No additional documents needed: The process was streamlined and hassle-free, saving precious time and effort.
• Automated rate monitoring: The mortgage advisor promised to check available rates every two weeks, ensuring the best possible deal, and offered to update the customer automatically with better offers if rates dropped before finalisation.
• Fee-free, expert service: Deal Direct provided all of this support without any broker fees for the customer.

Results: A Stress-Free, Flexible Mortgage Renewal

The customer secured a pathway to renew their mortgage on the expiring portion—without any complications or hidden costs. The peace of mind from not having to manage complex mortgage elements or worry about early repayment penalties was invaluable.

Thanks to our proactive approach (“I will do that for you. I’ll keep going on the rates, and I’ll drop you an email when I’ve done it.”), the client could focus on their demanding career while knowing their mortgage was in safe hands. The rate switch also positioned them to benefit from any potential rate improvements prior to renewal.

Customer Testimonial

“I really don’t have the time to go in every 6 months and check for rate changes. It’s such a relief to have you handle this and to know there are no extra charges.”

FAQs: Remortgage Rate Switch and Product Transfer

• What is a mortgage rate switch or product transfer?
  A rate switch (or product transfer) lets you move to a new deal with your existing lender without changing the mortgage provider. It’s especially useful when only part of your mortgage is due for renewal.
• Will I face early repayment charges with a rate switch?
  No, not if you are only switching the part of the mortgage that’s nearing expiry. The other parts of your mortgage can remain on their current fixed terms.
• How much documentation is required?
  Very little. You will usually only need your mortgage account number and some personal verification. There’s no need for property valuations or solicitors.
• Can I arrange a product transfer before my fixed rate ends?
  Most lenders (like Coventry) allow you to arrange the switch up to four months before expiry of the current fixed term.
• Will Deal Direct charge me a broker fee for a rate switch?
  No. Deal Direct Financial Solutions offers this service completely fee-free.
• Will my credit score be affected by a rate switch?
  No, a product transfer with your existing lender does not involve a new credit search and will not affect your credit score.

Ready For A Stress-Free Mortgage Renewal?

If you have a complex mortgage or want expert support finding the best remortgage or product transfer—without unnecessary fees or time-consuming paperwork—contact Deal Direct Financial Solutions today. Let us handle the details while you enjoy peace of mind and secure the most suitable deal for your situation.

Book your no-obligation callback now!