Buy a home HoverArrow

Remortgage HoverArrow


On your own

Boost your buying budget without a loved one’s help.


Guarantor Mortgages

Boost your buying budget with the help of family or friends.



Release equity, borrow more or access better rates.


Part Buy, Part Rent

Buy a share of a home and pay rent on the rest.


Latest articles HoverArrow

LoginGet a mortgage
Should I change mortgage providers?

Should I change mortgage providers?

By Anya Gair
Last Updated 23 August 2023

Wondering whether you should change mortgage providers? In this guide, we will run you through what to consider when deciding whether to switch mortgage lenders, or stay with your current provider.

In this guide

Should I change mortgage providers?

When you remortgage onto a new mortgage deal, it’s common to switch to a new mortgage provider. There might be various reasons you want to change mortgage providers, but normally it’s because you’ve come to the end of your current deal and want to move over to a new one. Although you can also choose to do a product transfer instead.

What is a product transfer?

A product transfer is the name of the process when you change to a new mortgage deal, but stay with your current mortgage lender. You are simply transferring to another one of their “products”, A.K.A one of their other mortgage deals that they have on offer. 

If you remortgage, you will change to a new mortgage deal with a completely different lender. Sometimes a product transfer can be a smarter move than remortgaging if your mortgage affordability has changed since you last remortgaged, or took out your loan originally. For example, if you’ve had a pay cut, become self-employed or have additional costs like childcare. 

However, staying with the same lender could see you missing out on better mortgage interest rates being offered by other lenders. This is why it’s worth scouting out your options before deciding whether to stick with your current lender or change mortgage providers.

Can you be declined a product transfer mortgage?

Yes, it is possible to be declined from a mortgage product transfer. Although mortgage lenders tend to not do a full affordability check when you do a product transfer, you may still need to meet some affordability criteria. If a lender decides that your affordability isn’t enough to qualify for their current deals on offer, they can decline your product transfer application, even if you are a current customer. 

If this happens to you, don’t worry. There are ways to increase your mortgage affordability to help you get a product transfer mortgage or change mortgage providers by remortgaging. At Tembo, we’re experts at helping homeowners increase their affordability.

Read more: What to do if your mortgage application is declined?

See if you could remortgage today

Create a free Tembo plan to see what you could be offered by remortgaging, including personalised interest rates and indicative repayments. We’ll also show you whether changing mortgage providers or sticking with your current lender is the best option for you.

Get started

Discover how much you can really borrow.


Should I switch mortgage lenders?

Often, it is a smart move to switch mortgage lenders when you reach the end of your current deal. Although staying with the same mortgage lender is often easier, it isn’t always the best choice. Switching to a new mortgage lender could see you changing over to a better mortgage deal, which could make your monthly costs more affordable. 

Working with a trusted mortgage broker like Tembo can help you work out whether sticking with your current provider or switching mortgage lenders is the right choice for you. Get started today.

What is the cost of remortgaging with the same lender?

Remortgaging with the same lender is usually cheaper in the short-term than remortgaging to a new lender. While you may have to pay an arrangement fee when you change to a new mortgage deal with your current lender, you usually won’t have to pay an admin fee or a valuation fee. 

However, although remortgaging to a new lender has additional fees, it can sometimes work out cheaper to switch if you can move to a better deal. A mortgage broker like Tembo can help you work out which option is the best for you.

We’ve helped thousands discover how they could boost their affordability

See what you could be offered by remortgaging and how you could boost your affordability by creating a free Tembo plan. It takes 10 minutes to complete, and there’s no credit check involved.

Create my free plan

Learn more

See all guides