Lloyds Bank Mortgage Rate Switch / Product Transfers
There are many reasons why clients want to do a rate switch / product transfer instead of doing a Refinancing 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.
Thinking of doing a rate switch with Lloyds Bank?
A lot of the time, the The interest rate charged by the lender that can vary over t... (SVR) is much higher than what can be offered from your current mortgage lender, Llyods. We can transfer your fixed rate to stop it from going onto the SVR and could therefore save you money on your monthly payments. If, however, the product is not competitive against the whole of the mortgage market, we will then explore remortgaging to a different provider from the mortgage market to save you money that way.
Lloyds bank holds the formal name also of Society of Lloyds. It is a British retail & commercial bank.
The next steps to process the product transfer with Lloyds Bank is a simple process and will just require you to follow the following steps;
- 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.