Log in start you customer's product transfer application.
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Your customers could secure a new mortgage with NatWest 4 months before their current deal ends.
Why choose us?
You can secure a new rate for your customer 4 months before their current deal ends.
Quick, straight forward processing. There is no additional underwriting for standalone product transfers.
Ability to change the product before completion.
Customers can apply for Additional Borrowing at the same time (subject to underwriting).
Product transfer eligibility
Available for residential and Buy to Let customers who are:
- Within their roll-off period. (4 months before their current deal ends).
- On a standard variable rate (SVR).
- Within the track and switch eligibility period on a tracker rate.
- The minimum loan amount to secure a new rate is £10,000.
- More than 27 months term remaining at the date of applying for their product switch (end date of product must be before end date of mortgage).
Customers will need to contact us directly where they:
- Want to exit an existing deal ahead of the roll-off period.
- Want to change their mortgage term or repayment type.
- Are in mortgage arrears.
- Have more than 5 eligible to switch sub accounts.
Application process
- Log in to our website.
- Enter the customer’s details: Mortgage Account number, Surname, Property Postcode and Date of Birth.
- The HPI and Current Valuation figures are available on screen and the higher of these figures is used to calculate the LTV. If the valuation figure is not showing then you must call us to get this updated.
- If the customer is eligible to switch, you will be able to choose a new deal from the rates available which will be displayed on the screen.
- Once you have finished the application, the next steps will be displayed on the screen. In some circumstances, documents may take up to five working days to be emailed over to the customer and yourself. If this is the case then the on screen guidance will tell you this.
- Customers must accept the offer within 14 calendar days, or the system will automatically cancel their application.
- Customer’s need to be registered for online banking to have access to enhanced security and all of the additional services available for our mortgage customers. To accept the rate, they need to log in to Manage your Mortgage via the mobile app or online banking, they will be emailed the steps when their offer is ready to accept. If your customer needs further support in how to register for online banking or how to accept the rate if they are already registered, please use the relevant support pack available below, which you can download and forward directly to your customer.
- Once the acceptance has been received, the new rate will take effect when the existing fixed rate expires. Where the existing rate has already expired or where a customer is switching to a fixed rate as part of a track and switch application, the new rate will start as soon as possible after the signed acceptance has been received.
- Where there is more than one sub-account that you are looking to switch and they have different product expiry dates, you will submit these as one application. Internally we will then manually key these as separate applications. This means we will send the paperwork for the sub account that is due to expire first and once the rate is live on that sub-account, we will then send the paperwork for the next sub account(s). You do not need to submit any further applications for the eligible sub accounts you have selected.
- Support packs available to aid with acceptance if necessary:
Valuations and procurement fees
Valuations
- When you log in to apply for a product transfer, you will see the current valuation and also the HPI.
- We will use the higher of the valuation or the HPI to calculate the Loan to Value.
- Customers can request a standard valuation where they choose to do so. There is a fee applicable for this. For costs please see ‘valuation fees’ on our property and valuation hub. The customer will need to call 0345 302 0190 (Relay UK: 18001 0345 302 0190) to arrange this.
- If a standard valuation is required, this can add additional time to the process. The new valuation will replace the existing valuation, even if it is lower. Once the valuation has been carried out and updated you can then apply for the product transfer application in the portal.
Procurement fees
- Product Transfer: 0.20% gross (both DA and AR firms).
FAQs
FAQs relating to the product transfer process:
FAQs continued
FAQs relating to the product transfer process:
FAQs - additional services
Application updates and help
You can call our Broker line on: 0345 026 0008 (Relay UK: 18001 0345 026 0008) for an update on your customer's application.
The line is open Monday – Friday, 9am to 5pm.
System support: Contact the BDA Team via phone or LiveTALK.
