Product Transfer FAQs
How does the customer pay a product fee?
|This can either be paid up front or added to the loan.|
How long is the offer valid for?
|The offer is valid for 30 days.|
When will the transfer start?
|If you apply before the product ends, the new product will commence the existing product ends. If for any reason we don't receive the offer acceptance from your client in time there may be a delay in moving them to their chosen product.|
Will I receive a copy of the offer?
|Yes - we'll send it via secure email, usually within 7 days. Your client will also receive a copy of the offer which they will need to sign and return within 30 days.|
How do I know my client is eligible?
|If your client is eligible all available products will be shown on the portal or your sourcing system. If for any reason your client isn't eligible for a product transfer using the portal, a message will display showing you what action can be taken by you/your client.|
Where can I find available products?
|All available products can be found on your sourcing system or you can view them by logging on to our product transfer portal.|
What is the procurement fee and how will I be paid?
|We'll pay a 0.20% procurement fee of the borrowed amount via your usual payment route. On the completion of your client's product transfer, your lending partner will receive the procurement fee by the 15th of the following month.|
How long will it take for an application to reach completion?
|It takes 7 days to produce an offer once the product transfer process has started. On receipt of a signed offer of acceptance form, it takes 5 days for this to be processed and completed. The product transfer becomes effective once the client's curren product has ended. If this has already ended, the switch will come into effect immediately.|
What would happen if a broker was to submit a product transfer and the client also submitted one?
|The previous submission would become invalid and the most recent transfer would become effective. The administration process would start again, and this would cause delays to the product transfer process.|
How far in advance can a product transfer be applied for?
|A product transfer can be requested up to 3 months prior to the existing rate ending. The new rate, however, will not be applicable until the current rate has expired.|
Who do I contact if I feel the LTV on the client's mortgage is incorrect?
|Please contact our Direct Mortgage Unit on 03450 50 50 64*.|
How do I register to submit a product transfer for a client?
|Please follow this link to register.|
What is the process once I have submitted the product transfer?
|An offer will be sent to your client by post within the next 7 working days, as well as to the intermediary via email. When your client receives the mortgage offer, it may be slightly different to the quote you have discussed with them as it will be based on their predicted balance on the 1st of the next month. Please ask them to review this carefully to ensure they are happy before signing and returning this to us.
The offer must be signed and returned to us, either by yourself or your client, within 30 days. This can be emailed to firstname.lastname@example.org.
The product transfer will take effect once the client's current product has ended, and a completion letter will be posted directly to your client confirming the completion date and confirmation of payments. The Lending Partner you have submitted will receive the procuration fee the month following the date the product transfer is completed. If you would like to discuss this further please contact 0113 216 7450*.
What is my customer number?
|This is your customer registration number that you were provided with when you originally registered, and is the same as the number you use to submit any new business.|
When can I use the product transfer tool?
|You will be able to use the product transfer tool if your client:
- has an existing mortgage product with us
- doesn't need to make any other changes to their mortgages such as borrowing more, changing terms, changing repayment method, adding/removing borrowers, or making a capital payment
- doesn't have more than one part on their mortgage
- doesn't have a shared equity mortgage
- is up to date with their mortgage payments
- pays their mortgage via direct debit.
What if I can't use the product transfer tool?
|If you are a mortgage broker and want to submit a product transfer for your client and still be paid a procuration fee, you may not be able to use the product transfer tool if:
- the client has more than one part on their mortgage
- the client has a shared equity mortgage
- the the client doesn't pay by direct debit.
If any of the above apply, please contact our Direct Mortgage Unit on 03450 50 50 64*.
When does a client have to contact Leeds Building Society?
|A client would need to contact Leeds Building Society directly to request a product transfer if any of the following apply:
- the client wishes to change the terms of their mortgage
- the client wishes to change their repayment method
- the client required additional borrowing
- the client wishes to add or remove a party to/from the mortgage
- the client wishes to make a capital payment
- the client is in arrears.
If any of the above apply, the client would need to contact our Direct Mortgage Unit on 03450 50 50 64*.
Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.