All Product Switches/Transfers must be applied for by a professional mortgage adviser registered with CHL Mortgages for Intermediaries (those not already registered to submit business can do so here).
The customer benefits of applying for a Product Switch/Transfer:
- No application fee
- No valuation fee
- No legal fees
Product Switch/Transfer eligibility requirements
To be considered for a Product Switch/Transfer:
- The customer cannot be looking to increase their borrowing, change the term or port the mortgage to a different security property.
- The customer must not require a party to be added or removed from the mortgage.
- The customer’s financial situation must not have materially deteriorated and their existing mortgage account(s) must have been managed satisfactorily and be up-to-date.
- The customer must still be intending to let the property and not currently, or intend to, let the property to a family member.
- Any Product Switch/Transfer cannot be applied for any earlier than 90-days of the end of any existing products’ ERC period.
- Any Product Switch/Transfer cannot be applied to the loan account until after the last day of any existing products’ ERC period.
CHL Mortgages reserves the right to accept or decline any application for a Product Switch/Transfer at our absolute discretion.
For more information on our Product Switch/Transfer service, mortgage intermediaries should speak to our Intermediary Support team on 01252 365 888. Alternatively, please contact your local Business Development Manager.
Related words: switching, change, transferable, transfering
