Product transfer information

Product transfer guides

View Residential Product Transfer Guide PDF

View Buy to Let Product Transfer Guide PDF

View Help to Buy Product Transfer Guide PDF

When can your client transfer their mortgage?

Your client can apply to transfer their mortgage 180 days prior to the date of maturity. This will complete when your client’s current deal ends― subject to eligibility.

Please make sure that the client’s application is received by us at least 30 working days prior to the end of the deal, to avoid your client going onto Standard Variable Rate (SVR).

We are unable to provide brokers with confidential account information to complete the application form on a client’s behalf. However, your client can call us directly to get help, or head to our customer site.

If your client is within 30 days of the maturity date of their existing product, they can make overpayments to their mortgage without incurring any Early Repayment Charges (ERCs).

Eligibility for clients to transfer their mortgage

To transfer a mortgage product, your client must:

• Pass an affordability check, if required
• Live in the mortgage property as their main residence (excluding BTL).

To be able to transfer their mortgage, your client can not be in arrears.

Your client should contact us directly if they:

• Want to change their repayment method
• Hold multiple mortgage sub-accounts i.e. your client has previously borrowed additional funds in addition to their original Co-operative Bank for Intermediaries mortgage, or now mortgage intermediaries
• Want to move properties at the same time as switching products
• Want to add or move a party to the mortgage at the same time as switching products
• Have a remaining term that is less than the product term
• Need any additional borrowing
• Have an interest-only mortgage and want to extend their term

You can apply for a fixed rate product in our highest loan to value bracket up to 99% loan to value on behalf of your client. The two year tracker with no product fee is also available up to 99% loan to value.

What your client needs to transfer their mortgage

Proof of income

Clients must provide proof of income if they want to change their mortgage term when they transfer their product and this exceeds their expected retirement age or increases their monthly payment.

Joint applicants must both provide proof of income.

Clients don’t need to provide proof of income if they are:

• transferring a BTL mortgage
• transferring a like-for-like residential mortgage (with the same term).

How to evidence proof of your client's income

All applicants must provide their latest full monthly bank statement to evidence income.

Employed applicants must provide proof of income by either:

• Providing their latest payslip in digital format (not printed)
• Providing an employer's reference on headed paper.

Self-employed applicants must provide proof of income with either:

• The last 2 year's tax assessments (SA302) and tax year overview
• A certificate from a suitably qualified accountant with 2 years worth of figures

Recent property valuation

We will use the House Price Index (HPI) or the last valuation that we have for your client’s mortgage, whichever is higher. A re-valuation for a Product Transfer is free.

However, if a new re-valuation is selected and your client’s LTV already meets 60% LTV or less, a revaluation fee will be charged. See our product guides for more information.

Application check list

1. Make sure you are registered with The Co-operative Bank for Intermediaries at submission and maturity date.
2. Choose the correct application form.
3. If using the online form, please print each individual page of the application before moving to the next section.
4. If using the paper form, complete the details within the editable PDF and print before posting.
5. Complete and print the income and expenditure form for affordability checks, if required.
6. Ensure you have submitted proof of income requirements if required.
7. Attach a cheque for the product fee (if applicable), made payable to The Co-operative Bank for Intermediaries, with the mortgage number on the reverse of the cheque. Alternatively, we will call your client prior to the transfer date to take a card payment.
8. Post all documents to the address: PO Box 3462, Cheadle Road, Leek, Staffordshire, ST13 9BG.

You can find more hints and tips for submitting a Product Transfer on our Application help page.

After your application has been submitted

Once we have received your completed application form and a current valuation, if required, we will send your client:

• a mortgage illustration
• an offer document
• a form of authority.

Your client must sign and return the mortgage offer documents to us. You will also receive a copy of the offer for your records. Please ensure your client sends the documents back to us at least 10 days prior to the transfer date. If you need to call to check receipt or need a response to a query, please quote your clients mortgage account number and postcode.

If your client has not paid a product fee by cheque

We will request a card payment on receipt of the application, or at least 2 days before the transfer date.

When the offer document is received and fees paid

We will transfer your client to the new mortgage product unless we hear otherwise.

Once the transfer is complete

Your procurement fee will be paid through your chosen submission route.

Help with product transfers

If you need help with registration or the product transfer process, call our Broker Support team directly on 0345 070 1999 (Call charges).

(Lines are open Monday – Friday 09.00am – 5.00pm and Thursday 10.00am – 5.00pm).