Product transfer for Brokers
Platform will pay the introducer a procuration fee of 0.3% on all mortgage product transfers.
On behalf of Residential or Buy-to-Let (BTL) clients, brokers can:
- complete an online Product Transfer application form.
- download, print and post a paper Product Transfer application form.
Please print each individual page of the application before moving to the next section.
Help to Buy customers
If your clients HTB product is coming to an end, please download, complete and send back the form, using the link below.
To apply for a product transfer on your client’s behalf, you need to be registered with Platform:
- at the time of application.
- on the product transfer date.
You may need to download and print off a supporting Income & Expenditure form for cases where we need to assess affordability, when:
- residential customers want to change their term meaning their monthly payment increases by more than £5.00.
- the mortgage term exceeds the customer’s anticipated retirement age.
Product transfer guides
When you can transfer your client’s mortgage
Your client can apply to transfer their mortgage up to 4 months prior to the date of maturity, and will complete when your client’s current deal ends, subject to eligibility.
Please ensure that the application is received by us at least 20 working days prior to the end of the deal to avoid your client going onto SVR.
We are unable to provide brokers with confidential account information to complete the application form. However, your client can call us directly to get help.
Eligibility for clients to transfer their mortgage
To transfer a mortgage product, your client must:
- pass an affordability check if required.
- live in the mortgage property as their main residence (not BTL)
Your client must not be in arrears.
Your client should contact us directly if they:
- want to change the repayment method.
- hold multiple mortgage sub-accounts i.e. your client has previously borrowed additional funds on top of their original Platform mortgage.
- want to move properties at the same time as switching products.
- want to add or move a party to the mortgage at the same time as switching products.
- have a remaining term that is less than the product term.
- need any additional borrowing.
- have an interest only mortgage and want to extend their term.
What your client needs to transfer their mortgage
Proof of income
Clients must provide proof of income if they want to change their mortgage term when they transfer their product and this exceeds their expected retirement age or increases their monthly payment.
Joint applicants must both provide proof of income.
Clients don’t need to provide proof of income if they are:
- transferring a BTL mortgage.
- transferring a like-for-like residential mortgage (with the same term).
How to evidence proof of income
All applicants must provide their latest full monthly bank statement that evidences income.
Employed applicants must provide proof of income by either:
- providing their latest payslip in digital format (not printed).
- providing an employer's reference on headed paper.
Self-employed applicants' must provide proof of income with either:
- last 2 year's tax assessments (SA302) and tax year overview.
- certificate from a suitably qualified accountant with 2 years figures
Recent property valuation
We will use the House Price Index (HPI), or the last valuation that we have for your client’s mortgage, whichever is higher. A re-valuation for a Platform Product Transfer is free.
However, if a new re-valuation is selected and your client’s LTV already meets 60% LTV or less, a revaluation fee will be charged. See our product guides for more information.
Application check list
- Make sure you are registered with Platform at submission and maturity date.
- Choose the correct application form.
- If using the online form, please print each individual page of the application before moving to the next section.
- If using the paper form, complete the details within the editable PDF and print before posting.
- Complete and print the income and expenditure form for affordability checks if required.
- Ensure you have submitted proof of income requirements if required.
- Attach a cheque for the product fee (if applicable), made payable to Platform, with the mortgage number on the reverse of the cheque. Alternatively, we will call your client prior to the transfer date to take a card payment.
- Post all documents to the address below:
PO Box 3462
You can find more hints and tips for submitting a Product Transfer on our Application help page.
After your application has been submitted
Once we have received your completed application form, and a current valuation if required, we will send your client:
- a copy of their application.
- a mortgage ESIS illustration.
- an offer document.
Your client must sign and return the mortgage offer documents to us. You will also receive a copy of the offer for your records. Please ensure your client sends the documents back to us at least 10 days prior to the transfer date. If you need to call to check receipt or need a response to a query please quote your clients mortgage account number and postcode.
If your client has not paid a product fee by cheque
We will request a card payment on receipt of the application, or at least 2 days before the transfer date.
When the offer document is received and fees paid
We will transfer your client to the new mortgage product unless we hear otherwise.
Once the transfer is complete
Your procurement fee will be paid through your chosen submission route.
Help with product transfers
If you need help with registration or the product transfer process, call our broker mortgage desk directly on 0345 070 1999.
(Lines are open Monday – Friday 09.00am – 5.00pm and Thursday 10.00am – 5.00pm).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE