What is a Product Transfer?
A product transfer allows you to switch to a new mortgage product with the same lender—without the hassle of remortgaging elsewhere. This can be a great option if your current deal is ending or if you need a different mortgage to suit your financial situation.
While BM Solutions offers product transfers, they don’t provide direct advice, meaning you might not know if you’re getting the best deal available or whether you’re eligible. This is where a mortgage broker comes in—we can assess your eligibility, compare products, and handle the entire process for you.
Am I Eligible for a BM Solutions Product Transfer?
Most BM Solutions customers will be eligible for a product transfer, but it’s not guaranteed. Your eligibility depends on factors such as:
- Your current mortgage type and remaining term
- Your payment history and whether your mortgage is up to date
- The available products BM Solutions is offering at the time
A mortgage broker can check your eligibility quickly and advise you on the best course of action.
Why Should You Consider a Product Transfer?
Switching to a new BM Solutions product can offer multiple benefits, such as:
- Avoid higher payments – If your current deal is ending or you’re already on BM Solutions’ Standard Variable Rate (SVR), securing a new product could help you lock in a more competitive rate.
- Changing your mortgage type – You may want to switch from a fixed rate to a tracker, or vice versa.
A product transfer is often quicker and easier than remortgaging with a different lender, as there’s usually no need for credit checks, legal work, or property valuations (unless you request one).
How Does the BM Solutions Product Transfer Process Work?
1. Check Your Current Mortgage Deal
Before making any decisions, it’s important to know when your current mortgage deal expires. If you’re within six months of expiry, you can start exploring new options.
2. Check Your Eligibility with a Mortgage Broker
BM Solutions won’t provide eligibility details upfront, but a mortgage broker can assess whether you qualify and recommend the best product for your situation.
3. Review Your Options
If you’re eligible, your broker will present different product choices available with BM Solutions, ensuring you understand the rates, terms, and potential savings.
4. Make Your Selection
Once you’ve chosen a product, your broker will handle the transfer process via BM Solutions’ online platform, generating a mortgage illustration and confirming the new terms.
5. Finalise Your Product Transfer
BM Solutions will process the transfer, and if eligible, the new rate will take effect within 60 days of your current product’s expiry.
Can You Borrow More at the Same Time?
If you need additional borrowing, BM Solutions may offer a further advance on your existing mortgage. This is a separate process, and you cannot apply for both a product transfer and additional borrowing at the same time. A broker can help you determine the best approach.
Will There Be Any Early Repayment Charges (ERC)?
- BM Solutions does not charge an ERC in the last three months of your fixed-rate period.
- However, if you’ve made overpayments beyond the 10% allowance, an ERC may apply.
- Your broker will check if any charges apply before proceeding.
Why Use a Broker for Your BM Solutions Product Transfer?
- Check Your Eligibility First – We’ll confirm if you qualify before starting the process.
- Expert Advice – BM Solutions won’t advise you on the best deal, but we will.
- Hassle-Free Process – We handle the paperwork and communication for you.
- Access to the Best Options – We’ll ensure you’re on the most competitive product available.
- No Hidden Fees – Quick Mortgages is a fee-free broker, so you won’t pay for our service.
FAQs
1. When should I start my product transfer application?
You can begin the process up to six months before your current deal ends, but it should be completed at least two months before expiry.
2. Do I need a property revaluation?
Not always. BM Solutions will use an indexed valuation unless you request a formal revaluation. If you want a revaluation, a Product Transfer Revaluation Authority form must be submitted.
3. Can I transfer my mortgage and apply for additional borrowing at the same time?
No, BM Solutions requires you to complete one process before starting the other.
4. Can I cancel my product transfer after applying?
Yes, you’ll need to contact your mortgage broker to cancel the transfer.
5. What if my current deal expires before I switch?
If your fixed or tracker rate ends and you haven’t secured a new deal, you’ll move onto BM Solutions’ standard variable rate (SVR), which is often higher. It’s best to switch before your deal expires.
Check Your Eligibility Today with Quick Mortgages
If your BM Solutions mortgage deal is coming to an end, don’t leave your next steps to chance. Let Quick Mortgages check your eligibility and find the best product for you, ensuring you get a competitive rate with minimal effort on your part.
👉 Contact us today to check your eligibility and discuss your product transfer options!
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Disclaimer:
This article is for general guidance purposes only and does not constitute legal, financial, or professional advice. Mortgage products and their terms can vary, and it is important to seek advice from a qualified, regulated professional who can assess your individual circumstances. Please ensure you consider your unique needs before making any financial decisions.
While every effort is made to ensure that the information provided on this blog is accurate and up-to-date, we do not guarantee its completeness or accuracy. The mortgage market can change rapidly, and the information on this blog may become outdated. We recommend verifying any information before acting on it and seeking tailored advice.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
