Product Transfers

Before you start an application, you’ll need the following to hand:

• 10 digit mortgage account number (found on your client’s annual mortgage statement. Not the same as the case ID)
• Postcode of mortgaged property
• First name, surname and date of birth (for the same client)
• Number of people named on the mortgage
• Last contractual monthly payment (must be correct to the nearest pound).

When completing an online product transfer, and once you've selected a new rate to transfer your client to, you'll be given two options:

• 'Confirm product transfer', or
• 'Request a Mortgage Illustration'.

To secure the new rate for your client, you must choose to 'Confirm product transfer'. We'll then issue a Mortgage Illustration alongside the Variation of Mortgage Offer which will save you time. This will secure the chosen rate and the Offer will be valid for 30 days.

Important: If you choose to ‘Request a Mortgage Illustration’, this doesn't secure the new rate. We can withdraw our products at any time, which means that if the chosen product is no longer available, you’ll need to select a different rate.

To ensure your client's product transfer starts on the 1st of the month after their current fixed rate ends, we need the following by the 19th of the final month of their existing fixed rate:

• The signed offer (by all parties on the mortgage)
• Any required supporting information.

Example: If your client's current fixed rate was due to end by 31st January, we'd need to receive the signed offer and all required information by 19th January to ensure the new product transfer would begin from 1st February.

Please note: Offers are valid for 30 days and must be signed and returned to us within this period. We can withdraw our products at any time and without notice.

If your client has two products with different expiry dates, there are two options for submitting product transfers. Both options require that the products are within 4 months of the end of their fixed rates:

• Submit the product transfers separately: Start with the fixed rate that expires first. Once that transfer is completed, you can submit the product transfer for the second product. This ensures no product spends any time on a variable rate of interest.
• Submit both product transfers at the same time: If you choose this option, the new rate for the product that expires first will not take effect until the second product expires. This means that the first product will be on a variable rate of interest for a period of time.

Changing a product transfer

If interest rates improve, you can change the product your client has applied for. However, before making this decision, check the House Price Index (HPI) valuation and Loan to Value (LTV):

• The HPI valuation will be reviewed again when applying for a new rate
• If the valuation has changed since the original product transfer, the LTV may also change
• A higher LTV could mean your client needs to select a product from a higher rate band.

Cancelling a product transfer

If your client decides to cancel their current rate after checking the HPI valuation and LTV, you must cancel their 'in progress' case before the 18th of the month that their fixed rate expires.

To do this:

• Log in to your online application system and add a case message to the product transfer application to 'request cancellation'
• Allow five working days for the cancellation to process. Once complete, you can submit a new product transfer.

Please note: Product transfers can't be cancelled on or after the 19th of the month before the current fixed rate expires.

Yes, but this can't be done using the online system. Please contact us for help. Revaluation fees will apply, please see our tariff of mortgage charges.

Your client will need to contact us directly to discuss extending their mortgage term by calling 0345 300 8000*. If a term extension is agreed, you'll have to wait for this to be completed before you can do a product transfer.

*Lines are open 9am - 5pm Monday - Friday (excluding Bank Holidays). Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

Yes - please refer to our clients with two products section on our product transfer information page.

Yes, but this can't be done using the online system. Please contact us for help. The sponsor will receive a copy of any new product being offered which they'll have to sign and return.

The most common reason is you've entered the client's normal monthly payment incorrectly, as this needs to be correct to the nearest pound.

If you've only entered incorrect details a few times, you can reset your account online. However, if your account has been locked, you'll need to contact us to get this unlocked.

Please see the product transfer webpage, which includes a useful video on how to use the online process. The most common errors are not having the correct monthly payment (this needs to be entered to the nearest pound), or their names are misspelt.

Yes, this can be done by logging in to our online application system and using our product transfer service.

Your client is free to change their mind as long as it's before the 19th of the month prior to the new rate becoming effective. If they decline the offer we may not refund any fees they've already paid to us.

If interest rates improve your client can change the product they’ve applied for. It is worth checking the HPI valuation and LTV before making this decision. The HPI valuation will be checked again when applying for a new rate and if it has updated since the original product transfer was submitted it may affect the LTV. If the LTV has increased you may not be able to secure the intended new rate for your client and you will need to select a product from the higher LTV band.

If your client would still like to cancel their rate after checking the HPI valuation and LTV, you must cancel your client’s ‘in progress’ case before 18th of the month that their current fixed rate is due to expire. You can do this by adding a case message to the product transfer online application. Please allow five working days for the product transfer to cancel. Once the original product transfer has cancelled from our online application system you'll be able to submit a new product transfer.

Product transfers can’t be cancelled from 19th of the month before the current fixed rate expires.

The Variation of Mortgage Offer needs to signed and accepted by the client by the 19th of the month to guarantee the new rate taking effect on the first of the following month.

Customers need to sign and accept the variation of mortgage offer. They have 30 days from the date it's issued to accept.

If we have an active Direct Debit on the account, up to date mobile number and an email address for each applicant, the offer will be sent via docusign for electronic signature/s.  Your client will receive the offer via email and they'll also receive a text message with an access code to view the offer document. They'll need to sign the offer electronically and return by email within 30 days.

For online hub offers your client will be sent an email containing a 9-digit access code and a link to open their hub. Once in their hub they’ll need to enter the 9-digit access code. They’ll also need to input their mortgage account number and last monthly payment to the nearest pound. They’ll then be able to view the offer document, sign it electronically and accept.

If the offer cannot be produced electronically it will be posted. Your customer(s) will need to sign and send it the following address within 30 days:

UK Mortgages Service & Operations
Freepost
PO BOX 3181
One Temple Quay
Bristol
BS1 9HQ

You'll need to submit the product transfer in order to secure a rate. You can do this by following the steps outlined in our How to Submit a Product Transfer page or by watching our short video.

If you choose to request a mortgage illustration this does not secure the rate. You need to complete the Variation of Mortgage Offer section and submit. Our products can be withdrawn at any time, if your chosen rate is no longer available you'll need to select a different rate.

Four months without incurring an ERC. The new rate will be effective once the current ERC has ended.

Yes – you can apply for a product transfer online, meaning it is easy to secure a new rate. A client's mortgage term can also be reduced at the same time. Our process means there's no paperwork involved – the application can progress straight to an offer electronically.

When applying for a product transfer online, it’s important to remember the normal monthly payments need to be entered correctly to the nearest pound. If this amount is entered incorrectly, you'll not be able to proceed with the transfer, and you may get locked out of your account.