HOW TO TRANSFER
YOUR MORTGAGE
Why you might want to change your mortgage product
There are times when you might want to consider changing your mortgage product with us. If we've written to tell you that your initial fixed or tracker rate is ending, for example. Or if your mortgage has already switched to a variable interest rate.
Talking to a mortgage adviser about your circumstances will help you consider the best action to take. They'll be able to discuss your situation and provide advice on the right option for you. They may suggest a Product Transfer with us. We'll need to check your eligibility before we can consider any request.
Eligibility requirements
- Your current fixed or tracker rate is about to end, or you're already on a variable rate (also called a reversion rate).
- You're not moving home or increasing your mortgage balance.
- You don't want to add or remove a party from from the mortgage agreement.
- You're up to date with your payments, and you haven’t missed any payments in the last 12 months.
Applying for a Product Transfer
1. We'll tell you when it’s time
If you're on a variable rate, or your are coming to the end of your initial fixed or tracker rate, we'll send you a letter to explain your next steps.
2. Contact your mortgage adviser
Your mortgage adviser will help you consider your options and find the best one for you based on your specific needs. They will also be able to check if you are eligible to switch using a Product Transfer.
3. Apply for Product Transfer
- If you're eligible, we'll give your mortgage adviser a Product Transfer Offer for you. This will detail how much the new rate will cost you. If you decide to proceed with the Product Transfer, your mortgage adviser will accept the Product Transfer on your behalf via our online portal.
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.
Once a Product Transfer offer has been accepted the terms are locked in and it cannot be changed or cancelled without incurring an early repayment charge.
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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.
- If you have an up-to-date account with no current arrears balance but have had historical missed payments in the last 12 months, we will consider a Product Transfer. On the basis that the last 3 months payments have been met and an up-to-date Affordability Assessment is undertaken.
- The Product Transfer will not take place until your current fixed 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 call them on 0800 023 6868.
Your home may be repossessed if you do not keep up repayments on your mortgage.