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Product Transfers

Eligibility Criteria for Product Transfers

Please see our eligibility guide below when assessing whether you're able to facilitate your client's product transfer. If you have any questions, you can contact our friendly BDM team by calling us on 0808 281 9309 or completing the Contact Form at the bottom of this page.

 

Your client will be eligible for a product transfer by Intermediary if:

  • Their mortgage product is due to mature within the next 120 days.

  • They are requesting a change in term (shortening/lengthening) whist doing their product transfer.

  • They are changing the repayment type of the loan whilst doing their product transfer.

  • They are currently on the Society's Standard Variable Rate and wishes to change their product.

  • They have 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.

  • They wish to switch their product transfer earlier. Please note, ERC’s may apply.

  • You did not originally introduce the business to Leek United Building Society, you can still facilitate their transaction.

  • You are registered on our authorised panel. This can be done as part of the process by submitting a Panel Application Form if you are not already registered.

  • 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.

  • For BTL Mortgages, there must be a valid EPC in place with a minimum rating of E.

 

Your client will need to call us directly if:

  • They are Interest Only Residential - where any part of the mortgage has less than 2 years remaining.

  • Their account's on permanent Interest Only.

  • Their account is in arrears.

  • They require additional borrowing.

  • Their balance of less than £1,000.

  • There is less than 2 years remaining on your clients mortgage term.

  • You are not submitting their application via the Intermediary Product Switch Form.

  • You have not provided mortgage advice to your client in relation to their product transfer.

If any of the above applies to your client, they'll need to get in touch with Leek United, as they won't be eligible for product transfer by Intermediary. Instead, one of our Qualified Mortgage Advisers will provide the advice and help them switch to a new mortgage deal.
 

 Your client can contact us on 0808 169 6680.

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