Product transfers made simple with Landbay’s new range

A Landbay client that had reverted onto an SVR needed to move to a new fixed rate quickly.

Product type: Standard
Location: Newcastle
Product: Product Transfer Standard 2-Year Fixed

Challenge

An existing Landbay client’s fixed-rate deal had ended, reverting to our standard variable rate (SVR) and increasing their monthly costs. To avoid unnecessary overpayments, they needed a quick and cost-effective refinancing solution. A traditional remortgage would have involved legal fees, property valuations, and a lengthy application process, adding further delays and expenses.

Solution

The client and broker were pleased with our service and didn’t want to switch lenders. The broker opted for a product transfer (PT), which provided a faster and more affordable alternative. Unlike a remortgage, the PT process eliminated legal and conveyancing fees.

Thanks to our automated valuations, a physical property valuation was unnecessary, further reducing costs and speeding up the process. The application was submitted in minutes, allowing the broker to secure a competitive fixed rate without disruption.

Outcome

With no legal delays or additional costs, the new deal was offered within five days, compared to the weeks or months a remortgage could take. The landlord avoided extra fees and quickly locked in a new rate without the unwanted stress of switching lenders. By choosing a PT over a remortgage, they secured a hassle-free, cost-effective, and timesaving solution, reaffirming their trust in Landbay.

Landbay’s new online product transfer system is slick, seamless, and incredibly easy to use—a game-changer for brokers!