Product Transfers

Important Update: For all accounts where the current product is due to end after 31 July 2022, a Customer Consent Form is required in every instance. For more information, please contact us on 0808 281 9309.

 

Product Transfers

At Leek United we value the hard work that you do when advising your clients about their mortgage and recognise that product transfers are a key part of the relationship that you have established.

If you have any questions and would like to speak with one of our Intermediary Team, please call us on: 0808 281 9309.

 

Benefits to you and your client

  • Simple and efficient service using our online product transfer form.
  • We'll pay a gross procuration fee of 0.25% on the part of the mortgage being transferred, straight to your mortgage club or your usual route within 14 days of completion.
  • We provide your client with their product transfer options around 90 days before their current product end date. Help your client switch at any time during this period.
  • No extra credit checks required for standard product transfers where there are no material changes to the term or repayment method.

 Step 1 - Check your client's eligibility

Please check our eligibility criteria to ensure you're able to facilitate your client’s transaction.

 

 Step 2 - Register with Leek United

To be eligible for the procurement fee, intermediaries need to be registered with Leek United. You can do so by completing our Intermediary Panel Application Form and emailing it to:
mortgage.processing@leekunited.co.uk.

 

 Step 3 - Identify your client's mortgage details

Complete the Customer Consent Form with your client. This will need to be signed by one of the account holders and e-mailed securely to:
mort.admin@leekunited.co.uk.

Please note, any instructions will not be actioned until we have received customer consent.

Ask your client to provide you with a copy of their renewal letter. This will contain the information you need to provide advice. If your client is unable to provide you with this, you can request this information by ticking the relevant box on the Customer Consent Form.

If your client's product transfer has more than one part to the mortgage, we will send you the relevant information required for your advice.

 

 Step 4 - Choose your client's new mortgage

Produce the ESIS for your client using your preferred sourcing system. For client's with more than one part to the mortgage, you'll need to contact our Mortgage Team on 0800 783 0847 and request an ESIS illustration that Leek United will produce.

Full terms and conditions for all of our products can be obtained from our products web page.

 

 Step 5 - Submit your application

Submit your online Product Switch Form by clicking the button below. Please ensure you have read and understood our Terms and Conditions of Business.

We'll then produce an offer and progress with the transfer (subject to meeting eligibility criteria). Please note, we won't be able to complete any cases until the offer has been signed and returned by the relevant parties. We'll pay the gross procuration fee (0.25%) within 14 days of completion.

Submit Your Product Switch Form Here

 

 

 Timeframes

In order for the transfer to take place on the 1st of the month following your client's product end date, we require:

  • Product Transfer form by the 18th of the product end date month
  • Binding Mortgage Variation Acceptance form signed by all parties of the mortgage by the 25th of the product end date month

Timeframes for documentation required for mortgage product transfersIf the documentation is not received within these timescales the mortgage will revert to Leek United’s Standard Variable Rate.

If your client is switching to a lower interest rate, we can complete their product transfer a month earlier, providing the above documents are received by the 18th and 25th respectively during the month prior to their product end date.

Please note that where there is a change to term or repayment method, additional supporting documentation will be required. For further details please refer to our FAQ section below.

 

Frequently asked questions

Who can request a product transfer?

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.

 

Am I able to arrange a product transfer for a client who I didn’t originally introduce to Leek United?

Yes, providing they meet the eligibility criteria.

 

What consent will I need from my client?

You will need to complete the Customer Consent Form with your client. This will need to be signed by one of the account holders and e-mailed securely to mort.admin@leekunited.co.uk.

Please note that any instructions will not be actioned until we have received customer consent.

 

How far in advance can I apply for a product transfer on behalf of my client?

Your client will receive information about their product transfer options around 90 days before their current product end date. You will be able to apply for a product transfer at any point after this time.

If your client wishes to switch their product transfer earlier, ERC’s may apply.

 

Which mortgage products are available to my client?

You can view which products are available on our website by clicking here.

Please note that where your client has a Residential mortgage that is part Interest Only and part Capital & Interest, the Interest Only part of the mortgage is only eligible for Interest Only products. The Capital & Interest part of the mortgage is only eligible for Capital & Interest products.

 

What valuation is used? If my client doesn't agree, will you allow a revaluation?

We use an indexed linked valuation. If your client disagrees with the valuation figure provided by Leek United, a revaluation can be requested. This request will be subject to a valuation fee.

The valuation fees are non-refundable, so if the property is not valued differently to Leek United’s valuation, your client will not be offered any alternative products and they forfeit the valuation fee. ESIS documents need to show the fee paid for revaluations.

 

Will the request secure the selected mortgage product?

The mortgage product will be secured when the mortgage offer has been signed by all parties to the mortgage and has been returned to Leek United.

 

What if my client wants to make a capital repayment?

If your client wishes to make a capital repayment they must contact our Mortgage Administration team on 0800 783 0847 or, email us at:
mort.admin@leekunited.co.uk

Your client must contact the Mortgage Administration team before the product transfer has been completed to avoid incurring early repayment charges.

 

What if my client requires a further advance?

Your client will need to arrange this directly with the Society, together with their product transfer. Your client can call our Direct Mortgage team to arrange an appointment on 0808 169 6680.

What supporting documentation will be required?

For standard product transfers, where there are no material changes to the term or repayment method, then no further documentation will be required.

For all other application types where there is a material change you will be required to provide the following documents to mort.admin@leekunited.co.uk, quoting your client's mortgage account number:
 

  • Affordability calculation - for all Residential and Regulated Buy to Let applications with material change, an affordability calculation is required. Please note the reference number provided and quote this in your email.
     
  • Employed applications - P60 & last 3 Months wage slips.
     
  • Self-employed - accountants certificate to be requested by the Society. For Self Certification/non-qualified accountants we require the last 2 years copies of HMRC tax calculations and tax year overviews.
     
  • Retired applications - last 3 months pension payslips or latest pension statement and last 3 months bank statements evidencing receipt of pension income.
     
  • Income from rental properties - copy of AST (unencumbered properties only).
     
  • Investment income - accountants certificate or last 2 years copies of HMRC tax calculation and tax overviews.
     
  • Maintenance - copy of court order or 6 months bank statements.
     
  • Interest Only - you will need to provide details of your client’s repayment vehicle on the Product Transfer form.

 

Are there any other fees?

Fees will depend on the product that you have selected. If your client requests a revaluation, this will be subject to a revaluation fee.

 

Do I have to provide the repayment strategy on an Interest Only loan?

Evidence will be required when the repayment strategy differs from the current repayment strategy.

 

Will a credit search be done on my client?

For standard product transfers, where there are no material changes to the term or repayment method, then a credit search will not be required. For all other application types there may be a requirement to perform a credit search on your client.

 

How does the client pay the product fee?

Our Mortgage Administration team will contact your client to arrange for the payment of any fees.

How will I be kept up to date about the progress of my client’s application?

We will write to you when we issue the mortgage offer to your client, including a copy of the offer document, and also to confirm that the product transfer has been completed.

 

How will my client receive their product transfer documents?

Your client will receive a paper copy via the post. All parties on the mortgage must sign the offer before it is returned.

 

Will I receive a copy of the client’s offer?

Yes, you will receive a copy of the offer in the post with a covering letter.

 

When will the product transfer take place?

Providing the Customer Consent and Product Switch Forms are 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, the transfer will take place on the 1st of the following month. Otherwise, the mortgage will revert to the Leek United Standard Variable Rate if your current mortgage scheme is due to expire at the end of this current month.

Please note that where there is a change to term or repayment method, additional supporting documentation will be required.

 

When will the procuration fee be paid?

The fee will be paid within 14 days of completion.

 

How long is the offer valid for?

The offer on a product transfer is valid for 90 days.

 

Who should I contact if I have any additional questions?

If you have any questions before submitting the Product Switch Form, please contact us on 0808 281 9309 or email us at intermediary.mortgages@leekunited.co.uk.

For any questions after you have submitted the Product Switch Form, you should contact our Mortgage Administration team on 0800 783 0847.

Useful forms and links

Eligibility Criteria for product transfer clients

Eligibility criteria

Find out about our product transfer eligibility criteria here.


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Intermediary Panel Application Form

Intermediary panel application form

Complete this form to register to be on Leek United's panel in order to receive the procurement fee.


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Customer consent form

Customer consent form

Completing this form allows us to deal with you directly regarding your client's case, making their experience more streamlined and simple.


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Terms and conditions of business

View our Intermediaries Online Website Conditions and Terms of Business here.


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Unsure about anything? Just contact us below or call 0808 281 9309