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, and you will need to contact us shortly after. Alternately you can complete our Product Transfer Letter of Authority which should be emailed to our Product Transfer Team at [email protected] and we will contact you within 48 hours to confirm if a product transfer is available for your customer. To find out more about our Product Transfer process click here.
Our products
Buy to Let Mortgages
Product type | Term | Rate | Fee | ERC | Reversion rate |
---|---|---|---|---|---|
2 year Fixed | 2 years | 3.29% | £0 | 4%, 3% | 6.00% (BBR + 5.00%) |
5 year Fixed | 5 years | 3.39% | 4%, 4%, 3%, 3%, 2% | 6.24% (BBR + 5.24%) |
BBR 1.00%
Buy to Let Mortgages HMO & LTD Co HMO
Product type | Term | Rate | Fee | ERC | Reversion rate |
---|---|---|---|---|---|
2 year Fixed | 2 years | 3.64% | £0 | 4%, 3% | 6.00% (BBR + 5.00%) |
5 year Fixed | 5 years | 3.59% | 4%, 4%, 3%, 3%, 2% | 6.24% (BBR + 5.24%) |
BBR 1.00%
Residential Mortgages
Product type | Term | Rate | Fee | ERC | Reversion rate |
---|---|---|---|---|---|
2 year Fixed | 2 years | 4.29% | £0 | 4%, 3% | 6.25% (BBR + 5.25%) |
5 year Fixed | 5 years | 4.39% | 4%, 4%, 3%, 3%, 2% |
BBR 1.00%
Frequently asked questions
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.
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.
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.
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.