Product transfers - why it makes sense for your client to stay with The Nottingham
As an existing borrower, your client could save time and money by transferring to a new mortgage with The Nottingham.
- Exclusive mortgage offers for existing customers – we offer our existing borrowers our lowest mortgage rates as a thank-you for their loyalty.
- It’s quick and easy – because your client already has a mortgage with us, we don’t need to value the property (unless you believe it has significantly changed in value), you won’t need a solicitor, there are no credit checks and no direct debits to set up.
How does it work?
Maturity letters are sent to customers who are coming to the end of their fixed rate or discount products will include details on how you can process a product transfer on their behalf. We first write to customers four months before their product mature.
The letter will include a unique identifier code and a broker cut-off date – the last date you can request a transfer for your client.
To submit a product transfer, log in to your account and verify your details – you’ll need:
- The unique identifier code provided in the letter
- The property postcode
- The mortgage account number.
From this point on, the process is fully digitised giving you online access to your client’s current mortgage information and the new products they’re eligible for – all the information you need to discuss their product transfer options with them.
Then, once they’ve decided which deal is best for them, you can complete the product transfer at the click of a button. The product transfer will take place once the existing product has matured.
And any fees can either be paid directly or a secure link can be sent to your client to pay at a later date.
You can use this online service in the following circumstances
- Applicants have received a maturity letter from us providing a unique verification code, which they’ll need to pass on to you.
- The borrowers don’t need to borrow additional funds and they don’t want to make any material changes to their mortgage.
- The borrowers don’t have more than one part to their mortgage
- There are no arrears on the mortgage
- Mortgage payments are made by direct debit.
Your client will need to call us if
- The client’s maturity letter doesn’t have a unique verification code
- There is less than 22 days until their existing product matures
- They want to change the term of their mortgage
- They want to change the repayment method
- They want additional borrowing
- They want to do a transfer of equity
- They’re in arrears currently
- They’re already on our SVR
- They currently have an ERC and want to switch before their current product matures
- They don’t pay by direct debit
- They want us to revalue their property.
The contact number for borrowers to call us direct is 0344 481 0029, option 2.
- If your clients want us to value their property we’ll charge £36 for an AVM or £75 for a reinspection.
- Once a product transfer has been submitted the product is secured. If the borrowers want to cancel the product transfer before the transfer date, you’ll need to put it in writing 5 working days before the transfer date.
- Brokers are unable to arrange a product transfer for borrowers where there is less than 22 days until their existing product matures.
- You’ll need to be registered on our broker portal.
We're here to help
On completion, a broker fee will be payable of:
0.30% on residential mortgages
0.30% on buy-to-let mortgages
0.35% on limited company BTL and retirement interest-only products.
Customers on fixed-rate or discount deals that end from November onwards will be eligible for a product transfer via a broker except for complex cases where an online-only solution would not be suitable or where we are unable to provide adequate information for you to advise your customer.
This could include:
- Inactive mortgages or certain arrears cases
- Where customers have different elements to their mortgage with ERCs
- Pending consent to let applications
- Financial crime concerns.
If their account is ineligible for you to make a transfer on their behalf, this option will not be included in their retention letter and they will not be provided with a broker validation code (referred to above as a unique identifier code).
From August, eligible customers whose mortgages mature from November onwards will receive a retention letter outlining their options. This will include an explanation about the product transfer via broker process and the unique identifier code you will need to access their account details on our broker portal.
Your client just needs to provide you with the unique identifier code provided in their retention letter, along with the property postcode and their mortgage account number.
For maturing fixed-rate products, the transfer will take effect from the first day of the following month after maturity. For maturing discount products, the transfer will take effect the day after the existing product matures. We’ll send a letter to your client two weeks before to confirm their new mortgage payment. We’ll also email you when the transfer has been completed.
You’ll be notified by email once the transfer has been completed and the fee will then be paid within two weeks.
Once the broker cut-off date has passed, you will no longer be able to request a product transfer on their behalf, but their retention letter will contain details of alternative options for them to request a transfer.
If you are having problems with the system or have any additional questions about product transfers via brokers, please contact our intermediary enquiry line on 0344 481 0029 and select option 2.
If you’re completing a product transfer on behalf of your client and would like to request a new valuation for the property, the fees are as follows:
- £36 for an automated valuation
- £75 for a retention re-valuation.
You can pay for your valuation here.