Product transfer cheaper via broker than direct?

magicmcone

Hi there.

Our current fix with Natwest ends at the end of the month. We are not interested at the moment to change lenders as we have consent to let in place and staying with them we can maintain it.

I was ready to do the product transfer myself but purely by chance came across the rates that Natwest advertises for intermediaries and they are cheaper that the ones I can get myself online (Would come to about £20 to £30 per month depending on product).

Is this something common? I had not considered a broker for a product switch as thought there was no benefit in this case.

Would it be enough time to get the switch done via broker now? I know is only two and an half weeks, but it’s  also a super straightforward case (no extra borrowing or whatever).

Any help, super appreciated.

amnblog

Yes, rates via Brokers with NatWest are frequently lower than those available direct.

dunstonh

Is this something common? I had not considered a broker for a product switch as thought there was no benefit in this case.

Broadly speaking, when a lender wants to increase the number of mortgages (increase its lending book or excess capacity in its processing team) or its in-house sales team is at capacity, broker deals will be more attractive.     And vice versa.

Brokers don't have to do as much work for product transfers compared to remortgaging.  So, everyone is a winner 

magicmcone

Thanks for the answers guys!
Do you guys think is still enough time to contact a broker and get the switch done by the 31st of July? Or too tight now and lesson to learn for the next time?

Thanks again.

amnblog

Yes, they need 5 working days so you will need to be swift. 

Contact a Broker first to discuss with them as you will need to cancel down your current reservation before the Broker can secure the new rate.

You don't want to be cancelling until you have the potential new rate confirmed.

magicmcone

Amazing. 

Going for it straight away.

Thanks all for your help