Your fixed rate is coming to an end. Now you have a decision to make.
Do you accept your current lender's offer, known as a product transfer? Or do you shop around and remortgage with a different lender instead? Many homeowners assume the two options amount to the same thing. They do not, and getting it wrong can cost thousands over the life of your mortgage.
What a product transfer actually involves
A product transfer means moving onto a new deal with your existing lender once your current rate ends. It tends to be:
- Quick, often completed within days rather than weeks
- Light on paperwork
- Free from a fresh affordability assessment in many cases
That convenience is exactly why product transfers remain the more popular route for borrowers who want to avoid the hassle of switching lenders.
Why switching lenders can pay off
Here is the catch. Your current lender has little incentive to offer you its best rate, because it already has your business. That's why many borrowers are choosing to look elsewhere when their fixed rate ends. In the third quarter of 2025, remortgages made up 28.6% of all mortgage lending to homeowners, according to the Financial Conduct Authority.
Switching to a different lender can also mean a better rate. The savings from a product transfer can add up to several thousand pounds over a five-year deal, depending on how much you owe and what rates look like at the time.
When staying with your lender makes sense
Switching is not automatically the right answer for everyone. A full remortgage usually means new affordability checks, which can work against you if your circumstances have shifted since you last borrowed.
You might be better suited to a product transfer if you are:
- Self-employed with variable or harder-to-evidence income
- Approaching retirement age
- Dealing with tighter finances than when you last took out your mortgage
In these situations, your existing lender may be the more realistic option in the short term, even if its headline rate is not the cheapest as you might obtain elsewhere.
Working out what suits you
The right choice depends on your circumstances, your timing, and how much effort you want to put into shopping around.
At Moneysprite, we start by reviewing your current mortgage and comparing it against what else is available on our extensive panel of lenders , so you see the difference in pounds and pence rather than guesswork. Our team at 100 Bishopsgate works with homeowners across London and further afield. We typically recommend starting the comparison three to six months before your deal ends.
There is rarely one answer that suits everyone, and what works for you now may change later. Get in touch with Moneysprite today, and we will help you work out whether staying put or switching lender makes the most financial sense for you.
Approved by The Openwork Partnership on 14/08/2026
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Moneysprite is a trading name of Money Sprite Limited, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.
