What each option does
A product transfer usually changes the deal with your existing lender. A remortgage replaces the existing mortgage with another lender’s loan. Changes to borrowers, term or amount may require further assessment even when staying.
Compare the same period
Use the same loan amount, term and comparison period. Include product and adviser fees, legal costs, valuation charges, cashback and any early repayment charge. Check the outstanding balance at the end of the period so capital repayment is treated fairly.
Check the practical differences
A simple transfer may avoid some legal and affordability work. A remortgage can offer a wider comparison and different flexibility, but needs time for underwriting and completion. Neither route is automatically suitable or cheaper.
Make a dated decision
Record when the current deal ends and when a new product can start. Confirm whether a selected product can be cancelled or changed before it starts. Use current lender terms, not an assumption that a booking can always be reversed.
The main differences
| Question | Product transfer | Remortgage |
|---|---|---|
| Lender | Existing lender | New lender |
| Assessment | Often simpler for a rate-only switch; changes may need checks | New underwriting and property assessment |
| Legal work | Usually less for a straightforward rate switch | Usually required to replace the lender’s charge |
| Comparison | Compare the same loan, term and period | Include fees and the closing balance |
Further reading: MoneyHelper: mortgages and homebuying. Content updated 17 September 2026. General information; availability depends on the individual case.