These common questions will help to answer any queries you have about product transfers. If you have any further questions, contact your business development manager.
Q1 Can I do a product transfer on FSA regulated and non-FSA regulated mortgages?
Yes. A regulated mortgage will stay regulated regardless of a product transfer.
A non-FSA regulated mortgage will stay non-FSA regulated if a product transfer is carried out. Where there is a further advance, we refinance the whole mortgage account, to give customers the benefit of regulation.
Q2 Can the KFI be printed locally? If so, how?
Yes, once you have created and submitted an online product transfer KFI, you'll receive an email with a link to a printable KFI.
Q3 Will the higher lending charge appear on the KFI, offer and completion letter?
There is no higher lending charge for product transfers.
Q4 When does the days period for securing products begin?
The product is secured within days providing the product transfer full application is submitted within 30 days of completion of the further advance (i.e. KFI is accepted and full application submitted). If it is submitted after the 30 days, any product arrangement fee applicable on the product will be charged.
Q5 What if the product selected is withdrawn within the 30 days securing period?
If the product transfer full application is keyed within the 30 day period the selected product will be available to be secured, even if it has been withdrawn.
Q6 An application for a product transfer was submitted but was not offered immediately or the clients did not accept it. The original date of effect has now passed. Can the local service centre amend the date of effect?
No, As the date has passed, you must contact the local service centre and explain what has happened. You need to key a new KFI/application and choose a new date of effect.
Q7 How does a product transfer affect the regulatory status of a mortgage?
An FSA regulated mortgage will stay FSA regulated regardless of a product transfer.
A non-FSA regulated mortgage will stay non-FSA regulated if a product transfer is carried out. It would become FSA regulated on completion of the further advance.
Q8 What happens if any data is incorrect on the customer summary screen?
You should contact your local service centre for assistance.
Q9 How will I know that the product transfer has been offered or completed?
You'll receive an e-mail advising you that the 'status' has changed on the application and can be viewed in case tracking.
Q10 What documents will I receive?
A
- KFIs for all application types (via e-mail).
- Offer documentation for further advances only (via post).
Please note that there is no change to existing documentation issued for mortgage applications.
Q11 When do I get paid and how will I know what amount I am being paid for each application?
The same procedures and timescales as mortgage applications are applicable. Statements will detail the fees and transactions for each application type.
Q12 I haven't received the correct procuration fee. What do I need to do?
Call or email the intermediary sales help line.
Q13 On an FSA regulated mortgage where the client wishes to apply for product transfer, can the product for both application types be reserved?
No. The product cannot be reserved for the product transfer.
Q14 My client has received a letter after completion of the product transfer asking for initial interest on the further advance to be paid. Why is this?
On FSA regulated mortgage accounts product transfer applications must be processed as two transactions. In some cases this results in the payments advised in the further advance completion letter being replaced.
Customers will therefore be advised that either:-
- The next payment to be collected will include the initial interest on the further advance
or
- They will need to make a separate payment to cover the initial interest
Q15 Can a product transfer be completed on accounts that have a consent to lease?
No, this is on the list of exceptions. A message will be returned when you request a customer summary enquiry which will direct the customer to the RCC . No referral fees are paid. This is also the case for accounts where the customer is in the Armed Forces.
Q16 At what point does the product transfer completion letter go to the customer?
Once a full application is submitted, provided no rules are fired into the ISC/Premier , the application will go direct to completion status and a letter issued automatically.
Q17 Will I receive a copy of the product transfer letter?
No. An email is produced each time the account status changes to let you know what stage the application has reached.
Q18 Can I key a product transfer where a retention is present?
No. Product transfers cannot be keyed where a retention is present.
Q19 Can I key a product transfer if there are more than two applicants?
Yes. More than one data capture form will be necessary to capture all the customer details.
Q20 How can I future date a product transfer?
You can choose to future date to the first day of one of the next three months. After the 25th of each month, it becomes too late to future date for the first of the following month.
Example:
Keying Date |
Available future dates |
25th July |
1st August / 1st September / 1st October |
26th July |
1st September / 1st October / 1st November |