Clydesdale Bank has eased its mortgage product transfer criteria enabling some existing clients to switch to another rate up to three months before the rate expires.
Most banks and building societies write to customers at least three months before their rates are due to finish to explain they can switch to a new deal or revert to the standard variable rate.
Aaron Strutt, product director at Trinity Financial, says: “Many of the once leading mortgages are expensive when compared to today's market and if you locked into a higher fixed or discounted rate, you will be pleased there is the option to complete a product transfer three months early.
“Even though the lenders are working particularly hard to keep their existing customers, it is unusual for a bank to let them switch to a new rate before the early repayment charges expire.”
You can apply for a Clydesdale Bank product transfer when your property is nearing the expiry date, providing you are not borrowing any more money and you do not want to change the term or remove any parties from the mortgage.
You will also need to keep the repayment method the same and be up to date with your repayments.
For help to secure a product transfer mortgage call Trinity on 020 7016 0790.