Your mortgage is likely to be the biggest financial commitment your will make in your life, it is important to review your mortgage regularly to make sure it is still right for you. The process of reviewing your mortgage and changing to a new mortgage product with us is known as product transfer.

When your current deal ends

Most commonly our customers switch to a new mortgage product when their current one comes to an end. This will avoid you reverting to our Standard Variable Rate or Buy to Let Variable Rate at the end of your product period which is likely to be more costly than other products that may be available to you.

When your circumstances change

You may have experienced a change in your personal circumstances, meaning you need to look for a new mortgage product that is more suited to you. This could be anything from inheriting a lump sum or no longer having a suitable repayment plan on an interest only mortgage. Whatever the change, we’re here to help.

During your current deal

You may want to review your mortgage before your current product ends, however, you may experience Early Repayment Charges if you switch your mortgage at this stage. Please call us on 0121 521 4088 or complete our online contact form for more information about Early Repayment Charges.

You may find that extra costs apply when switching your mortgage. These can include:

Product fees:

The new mortgage product you are transferring to may have some product fees associated such as arrangement fees or booking fees.

Early Repayment Charges:

If you are transferring your mortgage before your current mortgage product comes to an end then a charge may apply. Not all of our mortgages include Early Repayment Charges and those that do will decrease during the term of the product. 

Valuation fee:

If you feel your home has increased in value and you believe you may be eligible for lower loan to value products, we will need to carry out a mortgage revaluation to determine the current value of your home. A revaluation fee of £150 is payable on instruction and is non-refundable.

We recommend you speak to one of our Mortgage Advisers before having your home revalued so we can be sure this is in your best interests. To book an appointment please call us on 0121 521 4088, complete our online form or visit one of our branches.

We have two processes you may go through when transferring your mortgage at the end of the product term, an execution only process and a full advice and recommendation process.

Execution Only

If you qualify for the Execution Only process, we will send you a letter detailing the products available to you around eight weeks before the end of your current product.

If you are happy to choose which mortgage product is most suitable for you and you do not require any advice from the Society you can continue on this basis without the need to speak with an Adviser. Simply choose the product you feel suits your needs best.

By proceeding on this basis, the Society is not assessing the suitability of the mortgage product and will not be responsible for your product selection.

Advice and recommendation

If you do not fit the criteria to qualify for the Execution Only process, if you are looking to transfer your mortgage before your current product term comes to an end or if you've received an Execution Only letter and are unsure which mortgage product to choose, our Mortgage Advisers can offer you a full advice and recommendation service.

There is no charge for any advice. Our Mortgage Advisers will review your mortgage in full and they will make a recommendation on which mortgage product is most suitable for you. To make an appointment with one of our Mortgage Advisers to discuss your options, please call us 0121 521 4088, complete our online form or visit a branch to make an appointment. 

It’s quick and easy to go through the product transfer process. Please view our existing borrower product transfer page here for a step by step process.