Product Transfer
If you are approaching the end of your initial fixed or tracker rate mortgage with us, or you have already moved to a variable interest rate, known as reversion rate, (not an initial tracker product), one of the options your mortgage adviser may discuss with you is Product Transfer.
Before your initial fixed or tracker rate ends, we will send you 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 request. Your mortgage adviser will be able to discuss your personal situation and provide advice on the best option for you.
Eligibility requirements
- Your current fixed or tracker rate is due to expire soon, or you are already on a variable rate (reversion rate)
- You are not moving home or looking to increase your mortgage balance
- You are not seeking to add or remove a party
- You are up to date with your payments on your current mortgage, and you haven’t missed any payments in the last 12 months.
What to expect if you Product Transfer
1. We will notify you when it’s time
If you are currently on a variable rate, or your are coming to the end of your initial fixed or tracker rate, you will receive a letter from us that will explain your next steps.
2. Contact your mortgage adviser
Get in touch with your mortgage adviser early so they can help find the best option for you. They will provide advice based on your specific needs and circumstances. They will also be able to check if you are eligible to switch using a Product Transfer.
3. Apply to Product Transfer
If you meet our eligibility requirements, we will provide your mortgage adviser with a Product Transfer Illustration for you. This will detail how much the new rate will cost you. Your mortgage adviser will also have an application form that they will discuss with you. If you decide to proceed with the Product Transfer, your mortgage adviser will return your application form to us.
Frequently Asked Questions
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A Product Transfer is when you move from your current fixed or tracker rate mortgage product to a new mortgage product with the same lender. This is usually when the initial rate term is coming to an end or has ended.
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Product Transfer is generally a more simplified approval process by staying with us. This can save you time and reduced administrative processes when compared to moving to a different lender. You can potentially save money on fees such as valuation fees or solicitor fees.
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You will be able to choose between a 2-year and 5-year fixed rate product.
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We can only accept a Product Transfer application once you have received advice from a qualified mortgage adviser.
Your mortgage adviser will advise if a Product Transfer is the best option for you. If they do, they will submit the Product Transfer Request to us via our online portal. If you are eligible for a Product Transfer your mortgage adviser will produce a Product Transfer Offer which they will provide you with a copy and go through with you.
If you decide to proceed with a Product Transfer, your mortgage adviser will accept the Product Transfer on your behalf and select a date for your new rate to take effect from.
We will write to you within 5 days of your mortgage adviser accepting the offer detailing your new product and payment and when this will take effect from.
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You may be eligible for a Product Transfer subject to the following criteria being met:
- You do not want to make any fundamental changes to your mortgage such as increasing your balance, moving home or adding / removing a party.
- You are up to date with your payments and haven’t missed any payments in the last 12 months.
- The Product Transfer will not take place until your current fixed or tracker rate period has come to an end.
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If you meet the eligibility criteria, you will not be required to provide any supporting documentation other than a few simple forms which your mortgage adviser will assist you with.
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Your 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, your mortgage adviser must accept the Product Transfer on your behalf no later than the 19th of the month. If it is received after the 19th of the month, the new interest rate will not be processed in time for the 1st of the following month.
Illustrative Example:
Offer Acceptance received by date:
New Interest Rate effective date:
19th October 2023
1st November 2023
After 19th October 2023, but before 19th November 2023
1st December 2023
We will write to you to let you know how much your payments will be and on which date these will start.
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Please contact your mortgage adviser for any support related to the Product Transfer process. They will be able to talk you through the process.
If you are struggling with your current mortgage payments, or think that you might struggle in the future you can find out more information on our
Money Worries page -
If you need help to find a qualified mortgage adviser in your area, visit www.unbiased.co.uk or telephone them on 0800 023 6868.