Common Questions

Product transfer and further advance documents can be accessed in the 'Document Store' in the same way you access your main mortgage application documents.

Go to Intermediaries Online; Under my applications, the product transfer or further advance will be listed, click on roll number to view a list of all documents.

Once you’ve reviewed the customer’s mortgage account information you will have the option to begin a product transfer application. Simply select ‘Create Product Transfer’ to begin.

Yes, in addition to the Mortgage Illustration and declaration being produced for you to access on our online system as detailed above, your customer will receive a copy in the post.

The customer copy is produced for information only and there is no need for the customer to take any action when they receive this document. You should continue to provide your customer with the documentation as normal.

The product transfer or further advance is accepted when we receive the customers signed declaration. Occasionally this may happen close to due date for the next payment. In this case the direct debit may already have been requested and because it is not possible to amend this payment, an incorrect payment will be collected. Where this happens, you will receive an email letting you know what has happened and letting you know the steps your customer can take to ensure that the payment is corrected.

For simple Product Transfer applications on repayment mortgages, where no contract changes are required, you will be able to produce a mortgage illustration instantly using Halifax Intermediaries Online. If the client is happy to proceed, an on-screen declaration will allow you to offer the application in one straight-through online transaction.

For interest only mortgages, or where the client wishes to make a change to their mortgage contract in addition to the product transfer, such as a change to the term, an element of review will be required; a Mortgage Illustration will be produced by our Refinance Team and made available online. You must accept the illustration to offer the application. You can do this by completing the Broker Declaration form(PDF, 40kB) available in the Mortgage Literature section of our website and upload using Halifax Document Upload service.

The offer can be accessed via the Halifax Intermediaries Online Document Store.

If the date of effect of the new product is the 1st of the following month the product transfer will complete as soon it is offered. If a future date of effect has been chosen you will receive an email in the month before effect to advise the product transfer has completed.

The same procedures and timescales as mortgage applications are applicable. Statements will detail the fees and transactions for each application type.

Product transfers (PT) applications can be submitted at any time in the month. The earliest a product transfer can take effect is the 1st of the following month. Where your client is within the last 4 months of an existing product they can forward date with no Early Repayment Charge, the new product will start on the 1st of the following month after the current product has ended.

Where your client is within the last 3 months of an existing product you can choose to either start the new product from the 1st of the following month and we will waive any Early Repayment Charge OR forward date the new product to start after the current product has ended.

If a customer has two separate products both ending within the 4 month dating window please see the detail under Multiple products in the product transfer window.

A product transfer can be keyed where your client is within the last 4 months of an existing product. The new product will start after the current product has ended, or where your client is within the last 3 months of an existing product you can choose to start the new product from the 1st of the following month and we will waive any Early Repayment Charge OR to forward date the new product to start after the current product has ended.

We will use the Halifax indexed valuation to calculate loan to valuation for your customer. To find out what the indexed valuation is, you should complete step one of the product transfer process.

If your customer does not agree with the indexed valuation, we will arrange for an external valuation to be done. You should indicate that you need an external valuation to be carried out by completing the appropriate section of the Mortgage Illustration request form.

Once we have received the external valuation, we will let you know so that you can tell us what product the customer wishes to proceed on.

It should be noted that once the new external appraisal has been completed, this is the figure that will be used to assess loan to valuation. This applies even where the external valuation is lower than the original indexed valuation.

When your customer is ready to receive their funds, they should call the Halifax Refinance team on 0345 600 0712 and select option 3. Lines are open 8am - 8pm, seven days a week. Not all Telephone Banking services are available 24 hours a day, seven days a week.

There are two examples:

1. If the existing mortgage is part interest only and part repayment, then the further advance can only be on a repayment basis.
2. If the existing mortgage is interest only, then this is the only time a further advance can be taken out on an interest only or part interest only and part repayment basis.
   

Please note any new interest only lending must meet the current lending criteria.

You'll receive an e-mail advising you that the 'status' has changed on the application and can be viewed in case tracking.

The same procedures and timescales as mortgage applications are applicable. Statements will detail the fees and transactions for each application type.

For a further advance the new product doesn’t take effect until the 1st of the month following completion. The lender variable rate applies until that time.

Your customer can now apply for a standalone product transfer, further advance or a combined application. Your customer will need to select a rate from the relevant product range.

No, only one product fee is payable on a combined application.