PRODUCT
TRANSFERS

Product Transfer

If our customer, your client, is approaching the end of their initial fixed or tracker rate mortgage with us, or if they have already moved on to their reversion rate, one of the options you may choose to discuss with them is a Product Transfer.

Before your client’s initial fixed or tracker rate ends, we will send them a letter with details on how to switch using our Product Transfer service.

There are some eligibility requirements we need to check before we can consider your client’s request. You will also want to discuss your client’s personal situation and provide advice on the best option for them.

Eligibility requirements

The client’s current fixed or tracker rate is due to expire soon, or they are already on a variable rate (reversion rate).
The client is not moving home or looking to increase their mortgage balance
The client is not seeking to add or remove a party
The client must have no current arrears balance, and no missed payments in the last 12 months.

What to expect from our Product Transfer process

We will notify your client when it’s time - If your client is currently on a variable rate, or they are coming to the end of their initial fixed or tracker rate, they will receive a letter from us that will explain their next steps.
Contacting your client – We will recommend customers get in touch with their broker early so they can receive help to find the best option for their circumstances. We will confirm that the advice process will include a check to confirm if they are eligible to switch using a Product Transfer. You may wish to also proactively contact your clients to discuss their options.
Apply to Product Transfer – If you recommend that your client should opt for a Product Transfer, and they meet our eligibility requirements, please log in to our origination portal and select the 'Product Switch' icon. You can then follow the portal steps using our handy 'How to Guide' – we also have our dedicated Product Transfer team available to answer your questions or support you and your client if the portal asks you to contact us. If your client decides to proceed with the Product Transfer, you complete this via the same portal.

Once a Product Transfer offer has been accepted the terms are locked in and it cannot be changed or cancelled without the customer/s incurring an early repayment charge

Find out all you need to know for you and your clients with our helpful guides and FAQs below:

HOW-TO GUIDE

This handy guide explains how to apply for your client’s Product transfer, including what we will ask for.

Download How-to Guide

PRODUCT GUIDE

See our current Product transfer product range and qualifying criteria.

Download Product Guide

Your client will be made aware that a product transfer is a potential option for them by letter. The letter will advise them to speak to a professional mortgage intermediary for advice on the options available to them.

Yes, as long as your client meets the eligibility criteria.

No, product transfers are like for like only. There is no option to change the outstanding loan amount.

All of our customers are notified of their current fixed-rate end date no less than 1 month out from expiry. They are directed to seek advice from a professional mortgage intermediary.

Your client may be eligible for a product transfer subject to the following criteria being met:

They do not want to make any fundamental changes to their mortgage such as increasing the balance, moving home or adding / removing a party.
They are up to date with payments and have not missed a payment in the last 12 months.
The Product Transfer will not take place until the current fixed or tracker rate period has come to an end.

Valuations are HPI linked, and will have automatically calculated the LTV applicable.

We do not accept term changes as part of the product transfer process.

You will be able to choose between a 2-year and 5-year fixed rate product for your client.

You can obtain a Pre-Offer Illustration via Sourcing Systems.

If your client meets the eligibility criteria, they will not be required to provide any supporting documentation.

Your client's mortgage payments are due on the 1st of each month. For any new interest rate and associated monthly payment to take effect on the 1st of the following month, you must complete the Product Transfer by close of business on the 19^th of the month. If it is completed after the 19^th of the month, the new interest rate will not be processed in time for the 1st of the following month.

Once a Product Transfer offer has been accepted the terms are locked in and it cannot be changed or cancelled without the customer/s incurring an early repayment charge.

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