How to submit a Product Transfer

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How to submit a Product Transfer

Before you start, make sure you're registered for our online application system and able to submit business.

Completing an online Product Transfer

To apply for a Product Transfer your customer needs to be within the last 5 months of their existing rate.

Step 1

Select ‘start application’ and ‘search for account.’

Have the following to hand:

Mortgage account number (10 digit number, this can be found on your customer's Annual Mortgage Statement)
Postcode of mortgaged property
First name, surname and date of birth
Number of people named on the mortgage
Last contractual monthly payment (must be correct to the nearest pound).

Step 2

Select the accounts, search rates and choose if you want to reduce the mortgage term.

You can transfer any eligible sub account on to the same rate - the length of mortgage term for each sub account can be different.

If your client has two products with different expiry dates, they’ll need to submit the product transfers at different times. They’ll need to submit the product transfer for the product that expires first. Once that has completed they can submit the product transfer for the second product.

Step 3

If there’s a product fee, choose if it will be paid upfront or added to the loan (and to which sub account).

Step 4

Continue with Product Transfer and complete the Level of Service & Fees section.

Step 5

Overview section - at this stage you can choose to Confirm Product Transfer or Request a Mortgage Illustration:

Mortgage Illustration Requested

If you know which product your customer wants, follow the ‘Confirm Product Transfer’ process. We’ll issue a Mortgage Illustration with the Variation of Mortgage Offer which will save you time. You can request multiple Mortgage Illustrations but you’ll need to go through the process for each product. We’ll then upload the Illustrations to the case ‘Documents’ tab. Once your customer is happy, proceed to 'Confirm Product Transfer’.

Confirm Product Transfer

Complete the Variation of Mortgage Offer section. If choosing to receive documents online, please make sure the email addresses are different for each customer on the account. Select ‘Continue’ to confirm Product Transfer request.

Step 6

Product Transfer submitted

You’ll receive the Offer documents within 5 working days. The Variation of Mortgage Offer is valid for 30 days. The Offer acceptance must be signed and returned by all parties on the mortgage. When it’s ready we’ll upload your copy to the case ‘Documents’ tab in your case hub.

Important: We can withdraw our products at any time – until you submit a Product Transfer request, the chosen rate is not secured. This means you’ll need to select a different rate if the product chosen is no longer available.

To guarantee that your customer’s product transfer takes effect from the 1st of the month after their deal finishes (or next month if their deal has ended), we must receive the following by 19th of the previous month or before their Offer expires:

Signed Offer acceptance
Any documents we’ve asked for
The Product Fee (if applicable).

After this date, the product transfer may not take effect until a month later.

Ready to apply?

You can apply for a product transfer if:

Your client’s account number starts 80 and is 10 digits
Your client is applying for a product from the same brand they initially applied through
The mortgage amount and repayment method are staying the same
The term is remaining the same or being reduced to a level that doesn’t affect the client’s overall affordability
You're happy with the estimated loan to value and don’t require a revaluation
The mortgage is outside any Early Repayment Charge (ERC) period, or has 6 months or less remaining on the ERC period
Your client is residing in the property, unless in the armed forces
Your client is not in arrears or in a concessionary period on their mortgage
The remaining mortgage term must be at least 6 months at the end of the chosen product term.

Things you need to know:

Fees: Product transfer fees must be paid before completion or added to the loan. We’re unable to add fees to any residential accounts taken out before 31 October 2004.

Loan to Value (LTV): We use a house price index to verify LTV. Your client may not qualify for the product chosen if we find that the LTV is different. Revaluations are available on request; these are subject to a fee. Please call us for further information.

Offer: The offer is valid for 30 days. Your client will need to sign and return the offer within this time to secure the rate.

Effective from: If we receive your client's signed acceptance, together with all other requirements if requested by us:

Before the 19th of the month we will apply the new rate for the 1st of the following month (or the month after their current product expires if this is later).
On or after the 19th of the month we won’t be able to guarantee the new rate will start from the 1st of the following month. We will make every effort to do so but it may not take effect until a month later, for example if we receive the acceptance on 28th July it may not take effect until 1st September.

We’ll write to your client to confirm their new monthly payment and the date from which the new rate is effective.

Have a question about Product Transfers?

Head over to our Frequently Asked Questions to find further information

Product Transfer FAQs