If your mortgage deal is coming to an end, you’re likely asking the same question many homeowners are right now:
Should I stay with my current lender, or look for a better deal elsewhere?
It sounds simple — but in reality, the answer depends entirely on your situation.
At Connect Mortgage Services, this is one of the most common conversations we have with clients. And surprisingly, staying with your current lender is often a better option than people expect.
What Most People Assume (And Why It’s Not Always Right)
A lot of homeowners assume:
- Switching lenders = better deal
- Staying put = lazy or more expensive
But that’s not always true.
As Justin Hemmings from Connect explains:
A lot of people think they need to switch lenders to get the best rate, but that’s not always the case. Sometimes staying where you are actually works out cheaper and much simpler.
That’s because switching isn’t just about the interest rate — it comes with additional steps and costs.
What Happens When You Switch Lenders
Remortgaging to a new lender typically involves:
- Full affordability checks
- Credit searches
- Legal work
- Potential broker fees
- Processing time (often 4–8 weeks or more)
In some cases, the difference in rate simply doesn’t justify the extra cost and effort.
The Alternative: Product Transfers
Staying with your current lender is known as a product transfer.
This is often much simpler:
- No affordability checks
- No legal work
- No delays
- Quick to arrange (sometimes within minutes)
Justin explains it clearly:
With a product transfer, we can often secure a new rate for a client in about half an hour. There’s no legal work, no credit checks — it’s just selecting the right deal for them.
For many clients, that simplicity alone is a huge benefit.
When Staying With Your Lender Makes More Sense
There are several situations where staying put is often the better option.
For example:
- If you’ve had changes in income (e.g. recently self-employed)
- If your credit profile has changed
- If the cost of switching outweighs any rate savings
Justin shared a real-world scenario:
We had a client who wanted to move lenders, but due to some credit issues, the rates available elsewhere were much higher. Keeping them with their existing lender was clearly the better outcome.
This is where expert advice becomes critical — because the “best deal” isn’t always the lowest headline rate.
The Key Thing Most People Don’t Know
Here’s something that often surprises homeowners:
You can still use a mortgage advisor even if you stay with your current lender
And importantly:
In many cases, you won’t pay for that advice
Justin explains:
When we arrange a product transfer, the lender pays us a fee. It’s a much simpler process, so we’re not charging the client — but they still get advice and support.
This is known as a procuration fee, and it’s standard across the industry.
So instead of:
- Guessing which deal to choose
- Or accepting whatever your lender offers
You can:
- Get expert advice
- Understand your options
- And make a confident decision
— often at no additional cost.
Why This Matters More in 2026
With interest rates still shifting, making the right decision now is more important than ever.
As we’ve seen recently, rates can move quickly — sometimes significantly in just a few weeks.
That means:
- The “best option” isn’t always obvious
- And what worked last time may not be right now
Justin sums it up well:
It completely depends on the situation. There isn’t one answer that works for everyone — that’s why advice is so important.
The Bigger Picture
Remortgaging isn’t just about getting a lower rate.
It’s about:
- Managing your monthly payments
- Planning for future changes
- And making sure your mortgage still fits your life
Sometimes that means switching.
Sometimes it means staying exactly where you are — just with a better deal.
Final Thoughts
If your mortgage is coming up for renewal, don’t assume you need to switch lenders to get the best outcome.
And equally, don’t assume staying put is the easy option.
The right decision depends on your circumstances — and that’s where speaking to an expert can make all the difference.
At Connect Mortgage Services, the focus is simple:
- Help you understand your options
- Give clear, honest advice
- And make sure you get the right outcome — not just the obvious one
If you’d like help reviewing your mortgage, get in touch for straightforward, no-pressure advice.
