Product Transfer Process
The information below outlines the key highlights of our retention offering along with a step-by-step guide to the process.
Key highlights of our Product Transfer options include:
- Products have a reduced rental rate for our existing customers along with a reduced product fee
- No further underwriting required*
- No need for revaluation of the property*
- Products available for all eligible customers with products nearing the end of their fixed term. The new products and rental rate will take effect from the maturity date of the existing product
- A procuration fee of 0.25% for brokers (0.30% for Broker Networks/Mortgage Clubs) is payable, if a broker has given advice to the customer with regard to the Product Transfer transaction
*Unless the customer is increasing the finance amount or making material changes to the agreement.
Should you wish to transfer a customer’s account whose product is maturing, please follow the process outlined below. Please note that an intermediary must be registered on the Gatehouse Bank portal to provide advice and act on behalf of a customer with regard to our Product Transfer options. Intermediaries must also hold relevant HPP permissions if they are advising on the product transfer.
The process is as follows:
Step 1: Customers will receive notification approximately three months before their fixed rental rate product is due to expire with details of the renewal products they are eligible for.
Should the Customer wish to proceed they will have two options:
A) To contact their broker and request that they deal with the product transfer on their behalf.
B) Contact Gatehouse Bank using the details provided in the letter received.
Step 2: Should a customer wish to transfer to a new product, you need to confirm the customer’s eligibility to transfer before submitting a transfer request, to include:
- If there is a material change (from the original application) in the finance or term that is being requested then the customer would be ineligible for a product transfer and the case will need to be progressed as a new application with the relevant product, fees, underwriting and valuation being applied. A material change would include any of the following:
- financing of additional monies
- changing the term of the finance
- adding or removing any parties to the finance or
- changing the payment method
- If a customer does not transfer to a new product, they will automatically go onto the Follow-On Rental Rate for their existing product
- Please ensure that you hold written authority from the customer to act on their behalf and are registered as an intermediary on the Gatehouse Bank portal. If required, you can download a Broker Customer Information Request Form here
Step 3: When you are ready to proceed, please contact Customer Servicing on (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, or email email@example.com to request a KFI. We will produce this on your behalf, based on the customer’s current balance and personal details, and email the KFI direct to you within 5 working days of your request. If the customer intends to pay a lump sum from their finance, please advise Customer Servicing so that the KFI can be produced for the correct amount.
Step 4: There is no need to complete an application form. Once agreed with the customer, just email firstname.lastname@example.org with the customer’s full name, account number and the chosen product details and we will issue the offer letter and KFI directly to the customer to sign and return. We will email you a copy of the letter and KFI for your records.
Step 5: Gatehouse Bank need to receive the signed offer letter and product fee, and any Additional Acquisition Payments (lump sum reductions in the finance amount) from the customer, at least seven working days prior to the existing product expiring to effect the transfer.
Once received, we will arrange for the transfer at maturity and a product transfer letter will be issued to the customer. On completion, the broker Product Transfer procuration fee will be paid in the usual way.