Introducing product transfers via brokers

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 SERVICE 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 1231

ADDITIONAL INFORMATION

• 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.  You can click on this link to register BrokerRegistration (thenottingham-intermediaries.com)

WE’RE HERE TO HELP

If you need assistance with a product transfer please contact our Mortgage Desk on 0344 4810039 Option 2 or mortgage.desk@thenottingham.com

PROCURATION FEES

On completion, a broker fee will be payable of:

• 0.25% on residential and buy-to-let mortgages
• 0.35% on limited company BTL and retirement interest-only products