For the use of mortgage intermediaries & other professionals only

Product transfer

1. Review details of your clients existing mortgage.

You can find details of your clients existing mortgage information by signing into Halifax Intermediaries Online and selecting the Mortgage Enquiry option on the left hand menu of the homepage.

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.

Where your client is within the last 3 months of an existing product you can choose to start a 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.

Multiple products in the product transfer window

If a customer has two separate products both ending within the 4 month product transfer (PT) future dating window two separate PT applications need to be keyed; the first PT for the product with the earlier expiry date and a second PT for the product with the later expiry date. We offer the option for you to select the same new product for both PTs i.e. we will honour the product secured on the first PT for the second PT using the process below:

 

  1. Key the first PT application online as normal. You do not need to advise us at that point if a second PT will be required (unless you are recommending more than one product)*.
  2. When the first PT has taken effect the second PT can be progressed.
  3. On the Mortgage Enquiry Product Finder you can review the latest PT products that are available for the second PT ; if you wish to proceed on a new product rather than using same product as the first PT key the second PT online as normal.
  4. If you require the product from the first PT for the second PT, the second PT application cannot be keyed online and you should instead call our support team on 0345 901 3161 to key the PT. When you call advise us you wish to use a product from a previous PT on a second PT application.
  5. Our support team will arrange for the product required to be rebuilt and will contact you within 72 hours so they can complete the keying of the PT.
  6. When the new illustration is produced you can view this online. You should upload a completed Declaration Form (PDF, 40KB) to confirm the customer wishes to proceed and the second PT will then be offered.
     

Where the product from the first PT is used for the second PT any applicable product fee would not be charged a second time. If a different product is selected for the second PT then any second product fee that applied would be charged as normal.
 

*If you are recommending more than one PT product e.g. for the first PT to go onto a 2 year product and for the second PT to go onto a 5 year product, we would ask you do contact our support team at stage 1 above to confirm the product code you wish to secure for the second PT. 
 

Other scenarios

  • A PT would be available but you can’t key this as there’s a previous PT application which is yet to take effect e.g. if when you key a PT a second product isn’t yet within the 4 month future dating window, but when it enters that window you can’t key a second PT as the first PT hasn’t yet taken effect:

    •  Please contact our support team when the second PT would normally be available to key and confirm the product code that you wish to secure. That product would be from those currently showing available for the customer on the Mortgage Enquiry Product Finder.

    •  When the first PT has taken effect if you want the product you had previously identified for the second PT (and called us to secure) you should call our support team for them to key the PT as above.
  • A PT would be available but you can’t key this as there is a further advance (FA) application which has not yet completed:

    •  Please contact our support team when the PT would normally be available to key and confirm the product code that you wish to secure. That product would be from those currently showing available for the customer on the Mortgage Enquiry Product Finder.

    •      When the FA has completed if you want the product you had previously identified for the PT (and called us to secure) you should call our support team for them to key the PT as above.
  • At the point a FA application is keyed a PT is available but the intention is to key a separate PT application after the FA has completed ; this is so the PT will take effect at a later date, rather than automatically taking effect from the 1st of the month after the FA funds are released (as would on a combined FA/PT application):

    •  When the FA has completed if you require the product from the FA for the PT, the PT application cannot be keyed online and you should instead call our support team on 0345 901 3161 to key the PT. 

2. Produce a Mortgage Illustration

To produce a product transfer mortgage illustration, sign in to Halifax Intermediaries Online and select ‘Mortgage Enquiry’ or ‘Create Product Transfer’ – both options will initially navigate to Mortgage Enquiry. Once you have reviewed your clients mortgage information you will be able to begin the product transfer process.

Answer the Fact Find questions which will determine the process required. Please see our Product Transfers Keying & Process Guide(PDF, 154kB) which shows for different scenarios how the Fact Find questions should be answered and the resulting process to follow.

 

Instant illustration and online completion:

  • For simple product transfer applications on repayment mortgages, where no contract changes are required, you will be able to select a new product, generate a quote and produce a mortgage illustration instantly.
  • If the client is happy to proceed, an on-screen declaration will allow you to offer and complete the application in one straight-through online transaction. No documents are required and there is no need to call us.

Customer budget assessment or full affordability required:

  • 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 by our Refinance Team will be required.
  • These applications cannot be completed in one straight-through process, however a mortgage illustration will be produced by the Refinance Team and made available online.
  • In order to obtain an illustration please continue to key the product transfer online and this will automatically submit an instruction to the Refinance Team who will create the illustration. There is no requirement for you to contact the Refinance Team to progress the product transfer.
  • You must accept the illustration to complete the application - you can do this by completing the Broker Declaration (PDF, 40kB) form available in the Mortgage Literature section of our website. When you have completed the declaration, please upload online.

3. Documentation and Case updates

You should upload any requested documents to support the application.

You will be notified by email of application updates and issued offers that will be available for you to view online. Please see our Product Transfers Keying & Process Guide(PDF, 154kB) which covers some common scenarios and questions.

 

When a future date of effect is chosen

Rather than completion of the product transfer taking place immediately after the offer has been issued, the application will remain at offer produced until it completes in the month before the date of effect. There is no need to contact us again after the offer has been issued as completion will take place automatically. A confirmation email will be issued after completion and the completion letter will be sent to the customer including details of their new monthly payments.

The illustration and offer produced on a forward dated PT are based upon the mortgage balance in the month submitted. The procuration fee quoted in the offer will also be based on that balance. Please note that the actual fee which will be paid is based on the mortgage balance at the date of effect. If the mortgage balance has reduced between the mortgage offer and the start of the PT e.g. on a capital and interest repayment mortgage, the procuration fee paid may differ to the amount stated on the offer document.

4. Cancellation

If your client no longer wishes to proceed with a product transfer this can be cancelled from the date of application until up to 28 days from the date on their product transfer completion letter.

‘Completion’ of a product transfer will take place in the month before the new rate takes effect; when a PT has been future dated completion will be early in the month before effect, and if keying a PT to start from the following month completion will take place shortly after the offer has been produced.
 
If you wish to change the new product selected on a product transfer offer, you must first cancel the existing PT application and then key a new application.

Pre-Completion

On your My Applications page find the required PT tile and click the ‘Cancel’ button. You can then key a new PT application as normal. If the ‘Cancel’ button does not show this means the PT has already completed and a ‘Completed’ status will show on the My Applications page.

Post-Completion

A PT can only be cancelled within 28 days of the date of the customer’s completion letter. To cancel the PT please complete our online form.

We will email you an update within 24 hours of submitting the request. Any new PT application cannot be keyed until you receive confirmation the cancellation has been completed.

Please be aware that if you request cancellation of a PT close to the end of the month, we will endeavour to complete the cancellation so that if required you have time to key a new PT before the end of the month, but we cannot guarantee the time the cancellation process will take if further actions are required.
 

Cancel a product transfer