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Product Transfers

Eligibility Criteria

Eligible for product transfer by Intermediary:

  • If your clients mortgage product is due to mature within the next 90 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.
  • Consent to Let cases – if your client has recently asked us to consent to them letting their property on a temporary basis, they will not be eligible for a product transfer until they have moved back into the property. Therefore, if they have a product expiring during the letting period, their mortgage will revert to the Society’s Standard Variable Rate until they have moved back into the property. We only agree to consent to the letting of a property for a maximum of 12 months. Where the letting of the property is to be a more permanent arrangement, the mortgage will need to be re-arranged on to a Buy to Let basis.
  • 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 - customers must contact the Society directly and be advised by one of our Qualified Mortgage Advisers:

  • 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.