Product Transfer – frequently asked questions

  • How does my client pay a product fee?

    They can pay it upfront by calling our Direct Mortgage Unit on 03450 50 50 64. Or they can add it to their loan, if it’s within the LTV.

  • How long is the offer valid for?

    The offer is valid for 30 days.

  • When will the new product start?

    If you apply before your client’s current product ends, the new product will start once the current one has ended. If we don't receive the offer acceptance from your client in time, there might be a delay in moving them to their new product.

  • Will I receive a copy of the offer?

    Yes - we'll send it by secure email, usually within seven days. Your client will also receive a copy of the offer, which they’ll need to sign and return within 30 days.

  • How do I know my client is eligible?

    If your client is eligible, all available products will be shown on the portal or your sourcing system. If your client isn't eligible for a Product Transfer using the portal, you’ll see a message showing you what action you or your client can take.

  • Where can I find available products?

    You can find all available products on your sourcing system. Or you can view them by logging in to our Product Transfer portal.

  • What is the procuration fee and how will I be paid?

    We'll pay a 0.20% procuration fee of the borrowed amount. You’ll be paid through your chosen payment route. Once your client’s Product Transfer is complete, your lending partner will receive the procuration fee by the 15th of the following month.

  • How long will the application process take?

    It takes seven days to produce an offer once the Product Transfer process has started. Once we’ve received a signed offer of acceptance form, it takes five days for it to be processed and completed.

    The new product will start once your client’s current product has ended. If it’s already ended, the new product will start straight away.

  • What would happen if an intermediary and a client both submitted a Product Transfer?

    The previous Product Transfer would become invalid. The most recent one would become effective. This means the process would start again, which would cause delays.

  • How far in advance can I apply for a Product Transfer?

    You can apply for a Product Transfer up to three months before your client’s current product ends. The new product will only start once the current product has ended.

  • Who do I contact if I think the LTV on my client's mortgage is incorrect?

    Get in touch with our Direct Mortgage Unit on 03450 50 50 64.

  • How do I register to apply for a Product Transfer for a client?

  • What's the process once I've applied for the Product Transfer?

    We’ll send the offer to your client by post within seven working days. We’ll also send it to you by email.

    When your client receives the offer, it might be slightly different to the quote you’ve discussed with them. This is because it’ll be based on their predicted balance on the 1st of the next month. Please ask them to review this carefully to make sure they’re happy before signing and returning this to us.

    The offer needs to be signed and returned to us, by you or your client, within 30 days. You can email it to lbssecuredirect@leedsbuildingsociety.co.uk.

    We’ll post a letter to your client to confirm the completion days and confirmation of payments. The lending partner you’ve submitted will receive the procuration fee the month after the date the Product Transfer is completed. If you’d like to discuss this, get in touch with us on 0113 216 7450.

  • What is my customer number?

    This is the customer registration number that you were provided with when you originally registered. It’s the same as the number you use to submit any new business.

  • When can I use the Product Transfer portal?

    You can use the Product Transfer portal if your client:

    • has an existing mortgage with us
    • doesn’t need to make any other changes to their mortgage, such as borrowing more, changing the terms, changing their repayment method, adding or removing borrowers, or making a capital payment
    • doesn’t have more than one part on their mortgage
    • doesn’t have a shared equity mortgage
    • is up to date with their mortgage payments
    • pays their mortgage via Direct Debit.
  • What if I can't use the Product Transfer portal?

    Don’t use the Product Transfer portal if your client:

    • has more than one part on their mortgage
    • has a shared equity mortgage
    • doesn’t pay by Direct Debit.

    If any of these apply, get in touch with our Direct Mortgage Unit on 03450 50 50 64.

  • When does a client have to contact Leeds Building Society directly?

    In certain circumstances, a client would need to get in touch with us directly to apply for a Product Transfer. They’d need to do this if they:

    • want to change the terms
    • want to change their repayment method
    • want to borrow more
    • want to add or remove borrowers
    • want to make a capital payment
    • are in arrears.

    If any of these apply, the client would need to get in touch with our Direct Mortgage Unit on 03450 50 50 64.

Please note: