Product transfer

Log in to Halifax Intermediaries Online and select 'Mortgage Enquiry'.

Search for the customer's mortgage using either their 10/ roll number or the 14-digit mortgage account number, for example:

10/12345678-09 or 10123456780900.

Mortgage Enquiry displays the mortgage balance, remaining term, monthly payment, valuation and LTV, together with existing sub-account and product details.

Use the new products available tab to view the Product Transfer products available to the customer. The current Mortgage Enquiry journey provides both mortgage details and a dedicated New Products available tab for PT and FA products. 

Log in to Halifax Intermediaries Online and select 'Mortgage Enquiry' or 'Create Product Transfer'.

For most Product Transfers, you can:

• complete the application online
• produce a Mortgage Illustration instantly
• save and resume the application on the same day after producing an illustration.

When an offer is produced, the new product is secured.

You must accept the offer online for the Product Transfer to take effect.

If the offer has not been accepted, the Product Transfer tile will show:

‘ACTION REQUIRED: Please accept the offer. The Product Transfer will not proceed until the offer is accepted’.

Re-enter the application and use the 'Review the offer' screen to accept the offer.

Once the offer has been accepted, no further action is required and the Product Transfer will automatically take effect on the date shown.

A Product Transfer can be requested when your client is within the last 4 months of an existing product.

Applying 4 months before the existing product ends

The new product will start after the existing product ends.

This allows the customer to secure their new product in advance while continuing to benefit from their current product until it ends.

Applying within the final 3 months

You can choose for the new product to:

• start after the existing product ends
• start from the first day of the following month, with any applicable Early Repayment Charge waived.

Where the mortgage is on Standard Variable Rate, the Product Transfer will take effect the following month.

A Product Transfer can be requested up until the end of the month to take effect from the following month. Where additional requirements or actions remain outstanding, we cannot guarantee that it will take effect from the following month.

Product Transfer application and start dates

Some Product Transfers need extra assessment and processing.

This can include applications involving:

• interest-only borrowing
• term changes
• repayment type changes
• changes to the mortgage structure
• a revaluation.

Depending on the change requested, the application may need a budget assessment or full affordability assessment.

Budget assessment

A budget assessment applies where the relevant application journey requires the customer's maximum affordable monthly mortgage payment.

Full affordability assessment

Where full affordability applies, income and expenditure information must be provided.

The application must be fully submitted in one go and save and resume is not available.

We'll email you when the Mortgage Illustration is available and tell you about any requirements.

Upload any requested documents online.

Once all requirements are met, we'll issue the offer. You must then access the application and accept the offer through the 'Review the offer' screen.

A term change can be requested as part of a Product Transfer.

The change must meet our relevant Maximum Working Age or Lending Into Retirement criteria.

Affordability underwriting isn’t required when extending the term, provided the new term remains within the lower of the customer’s chosen retirement age or our maximum working age.

Where any part of the existing mortgage is on interest only, complete the Repayment Vehicles screen with details of any acceptable repayment plans held.

For the rules on acceptable repayment plans, see our Interest only criteria.

Converting to Interest Only

Converting all or part of the mortgage to interest only, or increasing the interest-only balance, is permitted where an acceptable repayment plan is in place.

Converting from Interest Only

Converting from interest only to capital and interest repayment, or reducing the interest-only balance, is permitted where the change is affordable and meets lending criteria.

Income and evidence requirements

For repayment type changes, income and commitment details must be keyed, and supporting income verification documents uploaded. Repayment plan evidence must also be provided where applicable.

Where repayment plans cover the full interest-only balance

Complete the Repayment Vehicles screen with full details.

Where the repayment plan is Sale of Mortgaged Property (SOMP), cash or bonus income details must be collected because a minimum income requirement applies.

Upload the required repayment plan documentation.

Where repayment plans do not cover the full interest-only balance

Key any acceptable repayment plans held, even where they are not enough to repay the full interest-only balance.

Where no acceptable repayment plans are held, select 'None'.

Key the customer's income and commitment details. There is no requirement to upload income verification documents for this assessment.

We will assess whether the customer could afford to transfer some or all of the interest-only balance to capital and interest repayment.

Where this is affordable, it remains the customer's choice whether they make the change. The Product Transfer can proceed regardless of their decision.

Less than 2 years remaining

Where the mortgage has less than 2 years remaining on interest only and the customer does not have an acceptable repayment plan, you cannot arrange the Product Transfer.

The customer must contact our End of Term team directly on 0808 145 0378.

Where any part of the mortgage is on an interest-only basis, Product Transfers must be keyed as follows. If you see the message ‘A PT is already in progress’ when accessing Mortgage Enquiry, select ‘Cancel’ before proceeding.

Sub account details

Before starting the application, print or make a note of the mortgage sub account details, as these will be required later in the application.

Repayment plan question

Within the Fact Find, you will be asked 'Does the customer have adequate repayment plans in place which cover all of the interest-only lending?'

Where the customer does not have a repayment plan that meets our current Interest Only policy, select 'No'.

Keying repayment plans

You must key any repayment plans that meet our current Interest Only criteria, even where they are not enough to repay the full interest-only balance.

Where no acceptable repayment plans are held, select 'None' and then 'Add'.

Existing sub account details screen

When you reach the existing sub account details screen, answer 'Yes' to the question 'Is any existing product (or term, repayment type) changing?'

You must then enter:

• the sub account details obtained from Mortgage Enquiry
• the new product code required.

This must be completed for each sub account requiring a new product code.

Income and commitment information

You must capture all employment, income and commitment information for the customer. If you’re not asked to complete this, the application has progressed incorrectly and will be declined when reviewed on submission.

There is no requirement to upload income verification documents.

As a responsible lender, we will assess whether the customer could afford to transfer any of their interest-only balance to capital and interest repayment. Where this is affordable, it remains the customer's choice whether they want to make this change. The Product Transfer can proceed regardless of their decision.

A Product Transfer usually transfers the full mortgage balance onto a new product.

The customer may instead want to repay part of their mortgage and transfer only the remaining amount onto a new product.

Where part of the balance is not included on the new product, that amount will move onto Standard Variable Rate after the existing product ends and can then be repaid without an Early Repayment Charge.

To key the Product Transfer

1. On the Product Transfer Fact Find screen, select 'Yes' to ‘Does the customer wish to change the structure of their loan or is an external appraisal of the property required?’.
2. On the Existing Sub Account Details screen, enter the amount transferring to the new product and the new product code.
3. On the New Sub Account screen, enter the remaining balance using the current product code.
4. Allow 24 hours after submission, then call our Refinance team on 0345 901 3161 and confirm the amount transferring to the new product and the amount moving onto Standard Variable Rate.
5. Check the Mortgage Illustration carefully to make sure the amount showing against the new product is correct.
6. When the offer is available online, accept it through the 'Review the offer' screen

In this scenario, the Product Transfer must start after the existing product ends.

If the customer believes the current indexed valuation is inaccurate, for example because they have made improvements to their property, a new valuation assessment can be requested.

The assessment may use an external appraisal or remote valuation. The customer cannot choose which valuation method is used.

There is no charge to the customer for the assessment.

Where a customer has 2 products ending within the 4-month Product Transfer window, 2 separate Product Transfer applications are required.

Start with the product ending first

Submit the first Product Transfer online as normal.

Once the first Product Transfer has taken effect, you can start the second Product Transfer.

Selecting the second product

If the customer wants a different product for the second Product Transfer, submit the application online as normal.

If they want the same product selected for the first Product Transfer, the second application cannot be keyed online.

Contact our support team on Webchat and explain that you want to use the product from the first Product Transfer.

Our support team will assess the request. Where appropriate, the product will be rebuilt and we'll contact you within 72 hours to complete the application.

A new Mortgage Illustration and offer will be available online. Accept the offer through the 'Review the offer' screen.

Where the same product is used for both Product Transfers, if applicable, any product fee is only charged once.

Where a different product is selected for the second Product Transfer, the relevant product fee applies.

Check the Product Transfer status tile on the 'My Applications' page.

'OFFER ACCEPTED' or 'COMPLETED'

No further action is required. The Product Transfer will automatically take effect on the Effective Date of Transfer shown.

'OFFER NOT ACCEPTED'

You still need to accept the offer. Access the application and use the 'Review the offer' screen.

'NOT SUBMITTED'

The Product Transfer has not been fully submitted.

'PRE-OFFER'

The application may still need to be fully submitted or may have been submitted and be under review.

If you have a query that is not answered by the application status, contact our support team on 0345 901 3161.

A Product Transfer (PT) can be cancelled at any time before it takes effect. Once the Product Transfer has taken effect, it cannot be cancelled.

If you need to change the product selected on an existing Product Transfer application, you must first cancel the current application and then submit a new one. Only 1 Product Transfer application can be in progress for a customer at any time.

When does a product transfer complete?

A Product Transfer completes before the new rate takes effect.

• For future-dated Product Transfers, completion normally takes place early in the month before the new rate starts.
• For Product Transfers due to start the following month, completion usually takes place shortly after the offer is produced.

Following completion, the customer will receive a completion letter confirming their new monthly payment.

Cancelling after completion

If the Product Transfer has completed but has not yet taken effect:

• the option to cancel within My Applications is no longer available
• you can submit a cancellation request using the cancel a product transfer form
• we will give an update within 24 hours (weekdays only).

Points to consider

• How many days is it before the Product Transfer is due to take effect?
• Has the direct debit request already been submitted? Direct debits can be requested up to 5 working days before the payment due date.

What happens if a product transfer is cancelled and re-keyed after the direct debit request has been submitted?

The Product Transfer can still be cancelled and re-keyed. The original direct debit amount may still be collected if the request has already been submitted. Any adjustment will be reflected once the new Product Transfer takes effect.

Cancelling before completion

If the Product Transfer has not yet completed.

1. Find the relevant Product Transfer tile on the My Applications page.
2. Select Cancel.
3. Once cancelled, a new Product Transfer application can be submitted.

If the cancel button is not available and the application shows a status of 'completed', the Product Transfer has already completed and the cancellation process must be followed.

Key Points

• A Product Transfer can be cancelled before it takes effect.
• Once a Product Transfer has taken effect, it cannot be cancelled.
• To change the selected product, cancel the existing Product Transfer and submit a new application.
• Do not submit a replacement Product Transfer application until confirmation has been received that the cancellation has been completed.
• Only 1 Product Transfer application can be active for a customer at any time.

Cancel a product transfer

A Product Transfer cannot be requested while the 'Personal Representatives' indicator remains on the mortgage.

The indicator must be removed and the mortgage transferred into the sole name of the remaining joint account holder before a Product Transfer can be requested.