Eligible for product transfer by Intermediary:
- If your clients mortgage product is due to mature within the next 60 days.
- If your client is requesting a change in term (shortening or lengthening) whist doing their product transfer.
- If your client is changing the repayment type of the loan whist doing their product transfer.
- Even if you did not originally introduce the business to Leek United Building Society.
- Providing the Product Transfer Form is received by the 18th of the month and the Binding Mortgage Variation Acceptance form (signed by all parties to the mortgage) is received by the 25th of the month.
- Any of the parties to the mortgage can request a Product Transfer, however all parties to the Mortgage must sign the binding variation acceptance form.
- Where the intermediary is registered on our authorised panel. (This can be done as part of the process).
- If your client is currently on the Society's Standard Variable Rate and wishes to change their product.
- If a 'Consent to Let' exists on the account and the transfer has no material changes. Please note that your client will only be eligible for BTL products once their current residential product has expired.
- If a 'Consent to Let' exists on the account and there is material changes. Please note that your client will only be eligible for BTL products once their current residential product has expired and you will need to prove that criteria & affordability meet our requirements as this will be FCA regulated.
- If your client has more than one part to their mortgage. Please note that where your client has a Residential mortgage that is part Interest Only and part Capital & Interest, the following restrictions apply:
- Interest Only part of the mortgage is only eligible for Interest Only products.
- Capital & Interest part of the mortgage is only eligible for Capital & Interest products.
- For BTL Mortgages, there must be a valid EPC in place.
Not eligible for product transfer by Intermediary - must come direct and advised through a Qualified Mortgage Adviser:
- Interest only residential - where any part of the mortgage has less then 10 years remaining.
- Accounts on permanent interest only.
- Accounts in arrears.
- If your client requires additional borrowing.
- Applications that are not submitted via the Intermediary Product Transfer Request Form.
- If you have not provided mortgage advice to your client in relation to their product transfer.
Not Eligible for Products:
- Balance of less than £1,000.
- If there is less than 2 years remaining on your clients Mortgage Term. Your client would need to contact us directly.