New mortgage deals face shorter securing timeframes - check if it impacts you personally
Major UK Mortgage Lenders Reduce Transfer Windows
In a move that could impact homeowners across the country, several major UK mortgage lenders have announced changes to their transfer windows. Halifax, Lloyds, and Barclays are reducing the time period for transferring to a new mortgage rate, with Halifax and Lloyds offering a three-month window, three months and four months respectively, and Barclays offering a 90-day window.
These changes are attributed to calmer market conditions and shifts in consumer behavior. However, lenders may not be reducing their remortgage windows due to their desire to win new business.
The average standard variable rate (SVR) currently stands at 7.99%, and borrowers are advised to avoid rolling onto this expensive rate. The average two-year fixed mortgage rate is 5.5%, and the average five-year deal is 5.17%.
Halifax and Lloyds have stated that customers must submit full applications by specific cut-off deadlines to secure existing product rates before changes take effect. For example, applications for current Halifax rates needed to be submitted by 8 pm on 14 August 2025, with system updates reflecting new rates on 15 August 2025.
NatWest, on the other hand, has removed its strict 4-month window, allowing customers to apply for additional borrowing or product transfers at any point during their mortgage term after their first mortgage payment. This update is designed to give more flexibility for brokers and clients.
Other lenders like HSBC, Virgin Money, and NatWest still offer six-month time windows for product transfers. However, it's essential for borrowers and advisers to check each lender’s current deadlines and criteria when planning a product transfer.
If you're looking to remortgage and move to a different lender, you typically still get a six-month transfer window. If you secure a new mortgage rate and then rates fall, you can often ditch the mortgage without paying a penalty and get one at a lower rate.
The Bank of England recently cut the base rate from 5.25% to 5%, and markets expect there to be another one or possibly two rate cuts this year. It's worth noting that if you have spare cash, it can be beneficial to overpay your mortgage before switching to a new deal to reduce your loan-to-value and potentially get a better interest rate.
The transfer windows refer to "product transfers", which is when a mortgage customer stays with the same lender, for example by moving onto a new rate when their current deal finishes. If you're unsure about the specifics of your lender's transfer window or deadlines, it's advisable to contact them directly or consult with a financial advisor.
References: 1. Halifax mortgage rate changes: What you need to know 2. NatWest removes 4-month mortgage product transfer window 3. UK Finance expects product transfers to grow by 13% in 2025 4. Halifax mortgage rate changes: What you need to know 5. NatWest removes 4-month mortgage product transfer window
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