Our mortgage switching window begins three months before maturity, which should give your clients plenty of time to review their options and make a decision that's right for them.
Completing Product Transfers
Did you know that when you complete a product transfer on our eMortgages system you can also carry out the following variations to your client's mortgage?
- Change the length of the term (shorter or longer) on repayment mortgages only
- Change the repayment type of the loan - from Interest Only to fully Capital & Interest.
Please note: for Interest Only mortgages if you wish to make contract variations as well as completing a product transfer, your client will need to contact us directly so we can complete both at the same time, as this is currently unavailable on our eMortgages system.
How does it work?
Your client will be eligible for any products from our remortgage range, as well as our existing customer only range. Both ranges will be available on your sourcing systems.
You may be able to accept on behalf of your clients. This means we may not require a wet signature if:
- You have supplied all applicants with a copy of the MIL/offer.
- You have explicit consent from all applicants to accept the new product on their behalf (and you keep a copy of this consent on your file).
- You have ensured that all applicants understand the terms and conditions of the product.
This will be subject to eligibility and we will still require a customer wet signature if:
- There is a material change.
- The account is shared ownership.
- The Society asks for it.
- The account is residential and has any interest only.
Alternatively, you can still return the following forms within seven days of the date of the offer to complete the transfer:
- Mortgage Illustration and Contract Variation Offer (client to sign).
You can send these to us using the scan and upload facility on eMortgages.
When the documents are returned it must be with a wet/original pen signature. Alternatively, you can contact us at
customerdeliveryretentionrequest@skipton.co.uk to request an Adobe Sign version which will allow the customer to digitally sign the document.
We'll send you reminders during the 7 day period your offer is valid. If we don't receive the documentation in time and fully signed we are unable to process the Product Transfer (contract variation), you'll have to start again and the product's availability cannot be guaranteed.
Eligibility
We want to make product transfers available to as many Skipton borrowers as possible. However, there are some cases that will not be eligible. Please check your client's eligibility below before starting a transfer:
They'll be eligible:
- If their mortgage account is due to mature within three months, or their account is currently on a variable rate with no early repayment charge (ERC)
- Even if your client is requesting Additional Borrowing, changing the length of their term (shorter or longer) on repayment mortgages only or changing the repayment type of their loan from Interest Only to a fully Capital and Interest mortgage
- If it is an Interest Only case that will remain Interest Only with no other contract variations
- Even if you didn't originally introduce the business to Skipton.
They won't be eligible if:
- The account is in arrears
- A 'Consent to Let' exists on the account.
The criteria above won't automatically prevent your client from switching their mortgage product - it just means they would need to go through the existing application process direct with us.
Please note: for Interest Only mortgages, if you wish to make contract variations as well as completing a product transfer, your client will need to contact us directly so we can complete both at the same time as this is currently unavailable on our eMortgages system.
Use of automated affordability checks
When using eMortgages, you should have your client's information to hand if you are making:
- A change to the repayment type
- A decrease to the term
- An increase to the term into or further into retirement (based on your client's expected retirement age)
- Any material changes in the customers circumstances i.e. any potential changes to their income and/or expenditure.
Please note: when applicable you must inform your client that this will be an automated decision, as this will trigger an affordability check.
Frequently Asked Questions
Yes. Providing they meet the eligibility criteria.
You must have the explicit consent from all applicants to accept the new product on their behalf (and you must keep a copy of this consent on your file).
You must also ensure that all applicants understand the terms and conditions of the product and that all applicants have been supplied with a copy of the Mortgage Illustration/offer.
If you tried to complete a transfer for your client and you were unable to proceed, it may be due to the eligibility criteria. For data protection reasons, your client will need to speak to us directly to find out why. The number for them to call is 0345 601 6683.
If you do not need a wet signature to complete the product transfer on behalf of your client, then you can secure the new mortgage product online.
If not all eligibility criteria is met and we require a wet signature, either yourself or your client will need to return the signed Contract Variation Offer within seven days to complete the transfer. We'll send you an email reminder after five days. If we don't receive the documentation in time, you'll have to start again and the product might not be available.
You can use the scan and upload function on eMortgages. Alternatively, you or your client can email it to us at
contractvariation@skipton.co.uk, or send them to us in the post.
We’ll email you and contact your client to confirm receipt. eMortgages will also be updated to reflect the current status.
This will take effect from the first day of the following month after maturity. We’ll send a letter to your client two weeks before implementation to confirm their new mortgage payment. We’ll also email you when the transfer has been implemented.
If there is no product maturity and your client is transferring from a product such as our Standard Variable Rate (SVR) or our Mortgage Variable Rate (MVR), then the transfer will take place from the first day of the next month.
You’ll see them on your mortgage sourcing systems and our eMortgage system.
Yes, you can complete a product transfer when there are one to four people named on the mortgage on the eMortgage system.
You can still proceed with the product transfer by submitting a new request. If your client wants to discuss any fail/decline decisions resulting from affordability checks, they can contact the Broker Support team on 0345 601 6683.
Your client can be given the option of making regular over-payments, ensuring they adhere to any ERC limits. They will need to call our Contact Centre on 0345 601 6683 to arrange these.
Skipton Building Society uses The Office for National Statistics - UK House Price Index. If your client wants to have their property revalued, additional costs may apply and they'll need to call us on 0345 601 6683. The product transfer will not be able to proceed until the valuation has been agreed.
Your client must meet the product criteria to be eligible to apply. If they want to discuss this they can call us on 0345 601 6683.
You’ll be notified by email once the transfer has been implemented. The fee will be paid within two weeks following the product transfer using our normal payment method.
The borrower can choose from any mortgage product in our existing customer only or remortgage range.
Contact your Skipton Business Development Manager or our dedicated broker support team on 0345 601 6683.
Yes, there is a fee for a change of term alongside a product transfer - please check our Tariff of Mortgage Charges [PDF] for up to date prices.
You will declare on eMortgages that you have ensured your client has a suitable repayment strategy in line with our criteria.
For most cases this will no longer be necessary on product transfers.
You can still request a product transfer for your client, however you will need to call us on 0345 601 6683 so our support team can assist you with this.