PRODUCT TRANSFERS
Short Term Lets
Buy-to-Let Mortgages
Suitable for borrowers who intend to let the property for a short period such as a holiday let or serviced apartment.
2 Year Fixed
| Rate | Fee |
|---|---|
| 5.34% | 5% |
| 6.08% | 3.5% |
| 7.81% | 0% |
- ERC: 3/2
- Revert rate: BBR* +4.99%
- ICR: Highest of 5.50%; or initial pay rate + 2%
5 Year Fixed
| Rate | Fee |
|---|---|
| 6.66% | 5% |
| 7.01% | 3.5% |
| 7.87% | 0% |
- ERC: 5/5/3/3/3
- Revert rate: BBR* +4.99%
- ICR: Pay rate
* Bank of England Base Rate (BBR): 3.75% correct at time of publication
How to submit a product transfer
To get the ball rolling, we’ll need you to complete our ‘Product transfer enquiry form’ which we’ll take as authority from your client that they’re allowing you to act on their behalf. Until we receive your completed form we’re unable to secure a rate for your client. You can submit product transfer requests up to three months before your client’s mortgage matures, as long as the account completed from February 2024 onwards. Accounts completed before this aren’t eligible.
You don’t need to have provided the advice on your client’s current mortgage, but we do require you to be registered to submit business to us. Once you have this, email it to us at producttransfers@chlmortgages.co.uk and we’ll then get things going.
We’ll do some quick checks on your client’s account to confirm a product transfer is available, such as making sure their account is up to date as well as checking the product you’ve selected is available to them.
If your client’s happy with the illustration you’ve provided, we’ll produce mortgage offer packs for both you and your client. To move to completion, we’ll need their acceptance of offer sent back to us.
We’re unable to make changes to your client’s account, such as amending the term or repayment method, or making changes to the loan amount. The chosen product must also be a like-for-like switch, for example CHL1 to CHL1.
Your client can change their mind about a product transfer. If they’ve not yet returned the acceptance of offer, then just give us a call and we’ll update our records. If we’ve already got the acceptance of offer, they can still cancel the transfer up to 10 days before completion is due.
You need to make sure there’s a minimum of 30 days between us receiving the signed acceptance of offer and the product transfer completing.
For all product transfer completions, we’ll pay the same full procuration fee that we would if the application was a purchase or remortgage. That means we’ll pay 0.60% to the club or network for them to distribute.