Pay Early Repayment Charges for a Product Transfer
Please use this form if your customer(s) wish to pay their early repayment charges and complete a product transfer on an unregulated BTL or LTB account.
You must allow 5 working days from form submission to month end for changes to take effect in the current calendar month. Forms submitted within 5 working days of the end of the month will not be actioned until the following month and the new product will need to be selected from the available product range at that time.
Customers that have less than 4 months remaining on their current product incentive period can apply for a product transfer, we waive early repayment charges (ERCs) in the last 3 months of the product incentive period. Please review our Product Transfer criteria.
Before completing this form, the customer will need to speak to a colleague in our Servicing team on 0345 300 2627 to pay the current ERCs on the account and have the payment correctly applied to the account.
- Once the ERCs have been paid please return to this form to request an update to the account to allow a PT to be submitted.
- As part of this process we will move the customer to our standard variable rate when this form is processed, an adjustment in interest will be made on the account up until the last day of the month the form is submitted.
- We will email you when the account is ready for the PT application to be submitted.
- You will need to submit the PT application before month end to ensure the new product takes effect from the first of the following month.
- If the PT is not submitted before month end the account will stay on SVR and the customer will be required to pay any increase in their monthly payments as a result.