Product Transfers

In support of our intermediary partners Product Transfers are available exclusively through intermediaries and customers will not be able to access these products directly.

Yes, you will be able to make an enquiry for any Precise Mortgages’ customer providing they have given authority for you to act for them and you have registered with us.

Yes, we will pay 0.25% if you submit direct. If you submit via a Club or Network we will pay 0.3% to them for onward dispersal.

For the majority of accounts that are outside of the Early Repayment Charge (ERC) period, there will be a Product Transfer available. However, a Product Transfer will not be available for all accounts.

If a Product Transfer is not available and your customer wants to access alternative products you will need to look at one of our remortgage options if the customer wishes to stay with us. As part of that process, we would need to fully re-underwrite the application at that time, taking into account their current circumstances. If a remortgage is taken with us, you will receive the full new business procuration fee. Alternatively, you will be able to inform your customer of the alternative mortgages available from other lenders as well.

To start the process you will need authority to act on your customer’s behalf. You can provide this over the phone on 0333 240 6180 or by completing our Product Transfer Letter of Authority. Once you have confirmed to us that you have authority to act on your customer’s behalf you can call us on 0333 240 6180 to find out if a Product Transfer is available.

We do not offer Product Transfers to every account.

If a Product Transfer is not available and your customer wants to access alternative products you will need to look at one of our remortgage options if the customer wishes to stay with us. As part of that process, we would need to fully re-underwrite the application at that time, taking into account their current circumstances. If a remortgage is taken with us, you will receive the full new business procuration fee. Alternatively, you will be able to inform your customer of the alternative mortgages available from other lenders as well.

For the majority of accounts that are outside of the Early Repayment Charge (ERC) period, there will be a Product Transfer available.

If a Product Transfer is not available and your customer wants to access alternative products you will need to look at one of our remortgage options if the customer wishes to stay with us. As part of that process, we would need to fully re-underwrite the application at that time, taking into account their current circumstances. If a remortgage is taken with us, you will receive the full new business procuration fee. Alternatively, you will be able to inform your customer of the alternative mortgages available from other lenders as well.

We are not able to offer a Product Transfer to customers if their account is not up to date. Please contact us to discuss if your customer is eligible for a Product Transfer.

We will accept applications up to 3 months before the existing product rate (and the ERC) expires and the Product Transfer can then be set to complete on the day of expiry. However, the customer won't be able to complete a Product Transfer during the Early Repayment Charge period.

Yes, the Buy to Let products cover all Buy to Let schemes (including Limited Company and HMO) and Residential products cover all Residential schemes (including Help to Buy and Right to Buy).

No. The mortgage interest rate is as agreed with your customer when they took out the mortgage and will continue as detailed in the original Mortgage Offer. For the majority of accounts that are outside of the Early Repayment Charge (ERC) period, there will be a Product Transfer available, but we are not obliged to offer this.

You should be able to advise your customer about their options and any alternative mortgages available from other lenders if they do not wish to continue on their agreed rate with Precise Mortgages.

At this time Product Transfer products are linked to LIBOR. We have recently changed our first charge new business products to track BBR (previously they tracked LIBOR). This is a phased move and the range of Product Transfers products that we offer will be changed to track BBR in due course.

You will need to register with us before you are able to submit a Product Transfer. For details on how to do this click here.

Product Transfers are not currently available online, you will need to call or email us to request a Product Transfer. All we need to start the process is authority from the customer for you to act on their behalf, this can be done over the phone or by completing our Product Transfer Letter of Authority.

If the customer no longer wishes to proceed and has not returned the offer acceptance to us, then simply give us a call and we will update our records.

If the customer has accepted the offer they are able to cancel the Product Transfer up until the day the new product is due to take effect.

If a customer wishes to make changes to their account such as the term or repayment method, these changes can't be made at the same time as the Product Transfer. However, they can be completed before or after the Product Transfer takes place.

Yes, if the customer wants to overpay or make a lump sum payment as part of the Product Transfer, we will waive the Early Repayment Charges (ERCs) during the last 10 days of their existing product, so long as we have received the Product Transfer acceptance form from the customer.