Product Transfers

Product Transfers: Exclusively through the intermediary market

Product Transfers are available exclusively through intermediaries. For those accounts where a Product Transfer is available, we have a range of Buy to Let and Residential products designed to meet your customer’s needs.

To start the process you will need authority to act on your customer’s behalf. Your customer can provide this over the phone on 0333 240 6180 or by completing our Product Transfer Letter of Authority. To find out more about our Product Transfer process click here.

Once you have this authority, simply call us on 0333 240 6180 and we will confirm if a Product Transfer is available for your customer.

Our products

Buy to Let Mortgages - all schemes

Product type Term Rate Fee ERC Reversion rate
LIBOR Tracker 2 years 3.23% £0 4%, 3% 5.69%
(LIBOR + 4.84%)
2 year Fixed 2 years 3.49%
5 year Fixed 5 years 3.89% 4%, 4%, 3%, 3%, 2%

LIBOR 0.85% set on 12.03.2019

Residential Mortgages - all schemes

Product type Term Rate Fee ERC Reversion rate
LIBOR Tracker 2 years 4.03% £0 3%, 2% 5.69%
(LIBOR + 4.84%)
2 year Fixed 2 years 4.19%
5 year Fixed 5 years 4.59% 3%, 3%, 2%, 2%, 1%

LIBOR 0.85% set on 12.03.2019

Frequently asked questions

Can my customer come to you directly to ask for a Product Transfer?
In support of our intermediary partners Product Transfers are available exclusively through intermediaries and customers will not be able to access these products directly.
Can I submit a Product Transfer if I didn’t advise on the original mortgage?
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.
Will I receive a proc fee for arranging a Product Transfer?
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.
Is a Product Transfer available for all accounts?

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.

How will I know if a Product Transfer is available?
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.
Why isn’t a Product Transfer available on my customer’s account?

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.

What are my options where a Product Transfer is not available?

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.

If a customer has arrears, will they be eligible for a Product Transfer?
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.
Can a customer complete a Product Transfer if they are within their Early Repayment Charge (ERC) period?
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.
Do the products cover all Buy to Let and Residential schemes?
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).
Are you obliged to offer my customer a Product Transfer on their account?

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.

I’m not registered with Precise Mortgages, am I able to submit Product Transfers?
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.
Can I submit a Product Transfer application online via the Broker portal?
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.
What if my customer changes their mind about the Product Transfer?

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.

Can a customer make changes to their account as part of the Product Transfer?
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.
Can my customer overpay or make a lump sum payment as part of the product transfer?
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.
For intermediary use only
BBR 0.75% / 3 month LIBOR 0.85%