Mortgage Product Transfer
Frequently asked questions
Where do I find the PT application page?
It is on the home screen of the UTB portal.
When completing the application form use the tab key to progress though the data fields.
Do not use the enter/return key or all information will be lost and a rekey required.
Where can I find the product transfer rates?
You can find our latest rates on the PT product guide which is available on the UTB portal or our website. Once the rate has been selected and the customer returns the ESIS, these rates are “locked in” until the transfer happens. Any rates movement (up or down) will not be automatically changed.
How do I communicate with UTB?
The initial application will need to be submitted through our existing mortgage portal. Thereafter updates will be via email to the individual email address of the person in the brokerage who initiated the application.
Unfortunately, we cannot send subsequent emails to other users or shared addresses.
You can also call us on 0207 031 1552 should you require an update on the application.
What is the eligibility criteria for a product transfer?
The customer cannot be arrears.
The customer must either be within 90 days of the original fixed rate period end date or on an ERC free variable rate.
The customer must have more than 2 years remaining of the original loan term or 5 years where opting for a 5 year fix.
How do I submit an application?
You need to have an existing agency with United Trust Bank. Log in to the UTB portal and click on the Product Transfer icon and submit the application form. A privacy notice will be sent to the customer on submission and UTB will be in touch within 3 working days, via email, with the relevant paperwork.
How far in advance can an application be submitted?
We will only process applications that are within 90 days of the original fixed rate period ending. If you are outside this window then the application will be rejected and you will need to complete a new application once you reach the 90 day (or less) period.
All returns must be submitted within 7 days of the original end date or there maybe a short period of time that the customer reverts to the originally quoted end of term variable rate.
Is there a minimum timeframe?
No the customer can apply any time after the 90 days however any applications that fall within 7 days of their fixed rate period ending may revert to the SVR quoted on their original offer whilst the application is being processed.
How do I know what status plan the customer is eligible for?
The PT rate reflects the original status plan and cannot be altered. This will be confirmed upon receipt of the application.
Are variable rate customers eligible?
Yes. As long as they are outside any applicable ERC period.
Can I charge a broker or any other fee?
No.
Will I be paid a procuration fee?
Yes. The procuration fees are published in the PT product guide.
What happens if a better rate becomes available during the application period?
If a lower rate becomes available you will need to call us on 020 7031 1552 or cancel the application, you can then reapply on the new rate.
You can only reapply if there are 7 or more working days before the transfer is due to complete.
What happens if rates go up?
As long as the customer has returned the ESIS then the existing rate will be honoured.
Will the customer know they are eligible for a Product Transfer?
Yes. Without broker intervention the customer will be offered a PT direct from UTB at 90, 60 and 30 days prior to the original fixed rate period ending. UTB will not communicate to the originating broker at any point notifying them of this.
The PT offer direct from UTB be on an “execution only” basis.
If the broker speaks to the customer at any point and completes an advised PT sale then the broker led PT will supersede a direct request and any further direct contact will therefore cease.
Does a broker led PT request supersede a direct request?
Yes however if the customer is due to complete on their direct PT within 7 days then the existing application cannot be cancelled.
Are the rates and criteria identical for both broker and direct customer product transfers?
Yes. There are no hidden benefits or preferential rates for direct customers.
What documentation is required as part of the process?
The customer will need to complete a product transfer form selecting their desired product and a signed offer.
In exceptional circumstances UTB reserve the right to request additional information.
All documentation/forms should be sent via email.
Are there any affordability checks?
No.
Do you require an up to date valuation or proof of income?
No, we do not require proof of income or an up to valuation.
A single PT rate is available for all LTVs.
What do I do if I feel that the customer’s credit status has improved and are now eligible for a better plan?
As we do not credit search the customer for a PT, they must remain on the original plan. If you feel they are eligible for a better plan, then a full application needs to be submitted in the standard way at the prevailing new business rates.
Can the customer apply for additional monies as part of this process?
No. We do not currently offer further advances.
Is there any flexibility in rates, status or near misses on being up to date?
Product transfers have a “no exception” rule even by escalation.
If I was not the originating broker can I arrange the PT?
Yes, as long as you are a registered UTB broker.