Combined product transfer and further advance

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  4. Combined product transfer and further advance

The combined further advance and product transfer application provides an easier and quicker solution when doing a product transfer with further advance. Once the further advance funds have been released the product transfer will take effect from the 1st of the following month.

The combined application

Before submitting an application please consider the following:

  • Check the application meets the Further advance criteria:
    • Minimum further advance amount is £10,000.
    • Further advance not permitted within 6 months of completion of original mortgage.
  • No arrears - where the existing mortgage is in arrears a further advance application cannot be accepted. The customer should be advised to bring their account up to date.
  • Acceptable reasons for a further advance – see Criteria section for a list of acceptable reasons. Where for debt consolidation consider if there are any second charges on the property e.g. shared ownership schemes. Further advances are not accepted on shared equity schemes.
    • Maximum 85% Loan to Value - existing loan plus further advance amount must not exceed 85% LTV; where above 80% LTV (based on current indexed valuation) a revaluation will be required and a revaluation fee will be due.
    • Repayment plans – where current mortgage has an Interest Only amount acceptable repayment plan(s) must be held or no further advance will be available.
  • Only key a single application. Select ‘Create Further Advance’ to key the application.
  • Select the correct payment route required.
  • Check the customer details including names are spelt correctly.
  • If applicant is self-employed then please include most recent tax year overview dates, within the 18 month limit.
  • Include details of the further advance amount required, reason(s) for the further advance, and check that a new product has been requested for the full amount including the further advance value.
  • You will receive just one Mortgage Illustration and Mortgage Offer documents that includes details of both the product transfer and further advance. For a combined application the wording on the mortgage documentation will refer generically to ‘Mortgage Offer’ it will not call out ‘Product Transfer‘ or ‘Further Advance’.
  • If individual client circumstances dictate you can submit separate further advance and product transfer applications but you must wait 24 hours after the completion of the first transaction before the second application is keyed.

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For independent information on mortgages, visit the website 'Money Advice Service'.

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