There are many reasons why clients want to do a rate switch / product transfer instead of doing a remortgageRefinancing an existing mortgage with a new mortgage.. Many clients just do not want to go through the hassle of the legal work involved with a remortgage. Others have built up a long term relationship with their lender and are happy so do not want to move
Other clients circumstances have changed so that getting a remortgage and going to another lender is not feasible. They might have just gone self employed and do not have adequate income proof. They may have a reduction in income due to going part time or starting a family.
Product Transfers and Rate Switches do not usually involve credit searches so if a clients credit profile would prevent a remortgage then in most cases provided their mortgage payments are up to date their existing lender will allow a rate switch.
Not all lenders allow rate switches and product transfers. However the number of lenders allowing this has grown significantly over the last few years. As a whole of market broker we can compare what is available via your existing lender and what deals are also available from the whole market for you.
Rate Switches for Atom?
Most of the time, the standard variable rateThe interest rate charged by the lender that can vary over t... is a lot higher than what can be offered from your current lender. With Atom, we can transfer your rate to stop it from going onto the higher standard variable rate and could therefore save you money on your monthly payment. If the product is not the best rate against the whole mortgage market, we can then look to remortgaging to a different lender from the whole mortgage market.
Atom Bank are based in the North East of England, an area which they are working, with the partnership of The Prince’s trust, to provide mentoring and workshops to younger people so that they are better prepared for the work environment as stats show that the North East of England has one of the highest levels of youth unemployment in the UK.
Fill in the online enquiry form
We will then contact you to discuss the options available to you.
Confirm that you are happy to proceed with the information we provide you and we will then accept the new rate for your mortgage.