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Remortgaging can be time-consuming, with plenty of paperwork to get through.
A product transfer with your current lender offers a faster, simpler way to secure a new rate. It involves moving to another fixed or tracker deal without switching lender or completing the full remortgage process.
But the convenience can come at a cost, with limited choice and the risk of missing better deals elsewhere.
Here, we explain when a product transfer might work for you and the risks to consider before deciding.
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When your mortgage deal finishes, you usually have three options.
The first is a product transfer with your current lender, which allows you to move onto a new fixed or tracker deal without switching lender.
The second is to remortgage with a different lender. This could give you access to a wider range of rates but involves a full application process, which can take longer.
The third is to do nothing. This means your mortgage moves onto your lender’s standard variable rate (SVR) – typically the most expensive option.
According to Moneyfacts, the average SVR is just below 7.5%, compared with average two and five-year fixed rates just above 5%.
When choosing a new deal, the lowest rate is usually the priority. For some borrowers, a product transfer can deliver this, as certain lenders offer existing customers preferential rates.
For example, Nationwide Building Society has four sub-4% mortgage products reserved for existing borrowers. Its top remortgage rate is also only available to its own customers.
Product transfers can also save on costs, as they often don’t involve legal or mortgage fees.
Another benefit, particularly in the current climate, is that you may avoid a fresh affordability check. This can help borrowers who fixed for five years at a much lower rate.
While a product transfer can be convenient and potentially cheaper, it’s still important to compare deals across the market to make sure you’re getting the best rate.
The main drawback of a product transfer is limited choice – you can only access the rates that your current lender offers. Although there are more than 7,000 residential mortgage products on the market, most lenders only offer a few hundred.
To see how competitive these can be, we reviewed our best fixed-rate remortgage tables over five weeks in June.
We analysed the lender with the best overall rate and the lender with the top rate with no fees, for two and five-year fixed-rate mortgages at four loan-to-value (LTV) levels (60, 75, 85 and 90). This meant we analysed 16 different mortgage products overall.
Out of the 16, the same lender was the market leader throughout the analysis for five products:
| Two-year fixed-rate | 60% | Halifax | Halifax | Halifax | Halifax | Halifax |
| Two-year fixed-rate | 60% fee free | Santander | Santander | Santander | Santander | Yorkshire Building Society |
| Two-year fixed-rate | 75% | Halifax | Halifax | Halifax | Halifax | Halifax |
| Two-year fixed-rate | 75% fee free | Yorkshire Building Society | Yorkshire Building Society | Yorkshire Building Society | Yorkshire Building Society | Yorkshire Building Society |
| Two-year fixed-rate | 85% | Leek Building Society | Leek Building Society | Leek Building Society | Leek Building Society | Newcastle Building Society |
| Two-year fixed-rate | 85% fee free | Clydesdale Bank | Newcastle Building Society | Newcastle Building Society | Clydesdale Bank | Clydesdale Bank |
| Two-year fixed-rate | 90% | Yorkshire Building Society | West Brom Building Society | West Brom Building Society | West Brom Building Society | West Brom Building Society |
Source: data collected from Which? online mortgage tables between 2 June 2025 and 30 June 2025. Which? online mortgage tables are powered by Moneyfacts data
Looking at longer-term trends, we compared the best fixed-rate remortgage deals from the first week of June in both 2024 and 2025. Only one product (five-year fixed rate, 75% LTV ) had the same lender (Barclays) offering the top rate in both years.
This shows that some lenders can stay competitive over short periods. But mortgage deals usually change every few years, and the lender offering the best rate one year might not be the same the next.
| Two-year fixed-rate | 60% | Halifax | 3.79% | Santander | 4.82% | ||
| Two-year fixed-rate | 60% fee free | Santander | 4.23% | First Direct | 5.03% | ||
| Two-year fixed-rate | 75% | Halifax | 4.03% | Leeds Building Society | 4.88% | ||
| Two-year fixed-rate | 75% fee free | Yorkshire Building Society | 4.40% | Leek Building Society | 5.10% | ||
| Two-year fixed-rate | 85% | Leek Building Society | 4.84% | Co-Operative Bank | 5.66% | ||
| Two-year fixed-rate | 85% fee free | Clydesdale Bank | 5.28% | Co-Operative Bank | 5.97% | ||
| Two-year fixed-rate | 90% | Yorkshire Building Society | 4.71% | Co-Operative Bank | 5.51% |
Source: data collected from Which? online mortgage tables on 2 June 2025 and 4 June 2024. Which? online mortgage tables are powered by Moneyfacts data
Although a product transfer might work out well, it’s worth checking the wider market. A whole-of-market broker can compare rates to find the most suitable deal for your circumstances.
Mortgage rates continue to edge down, although the pace of cuts has slowed over the past month compared to earlier this year.
The average two and five-year fixes currently sit at 5.03% and 5.01% respectively. These averages have narrowed as the Bank of England base rate is expected to settle within the next two years.
The latest forecast from the Office for Budget Responsibility (OBR), the government’s independent economic watchdog, predicts that the base rate will stabilise in 2026.
In recent months, the most competitive deals have been steady. Borrowers with lower LTV ratios can access rates just below 3.9%, while those at 85%–90% LTV are seeing the best rates of around 4.2%–4.5%.
Borrowers coming to the end of a deal will be watching the Bank of England closely ahead of its next decision on 7 August.
Before the latest inflation data, a third cut this year seemed likely. But inflation edged up from 3.4% to 3.6% in June.
David Hollingworth of L&C Mortgages said: ‘The recent tone has been consistent in its suggestion that interest rates should continue to fall, but it’s been harder to be sure when those cuts may come, when data doesn’t follow the expected path.'
The Bank’s Monetary Policy Committee (MPC) sets the base rate roughly every six weeks, using the rate to try to keep inflation close to its 2% target. The MPC will also weigh the latest economic growth and jobs data before deciding whether to change rates.
Whether the base rate moves next month remains uncertain. But with the most recent decision closer than expected – a 6-3 vote – and expectations of quarterly reductions, a cut still looks more likely than not.
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