Penrith Building Society permits intermediaries, with their client’s consent, to assist with arranging a product transfer.
- We will write to your client 3 months before the expiry of their current mortgage scheme. This will detail the new schemes they are eligible for.
- Your client will need to provide written authority to the Society to enable us to release the relevant information directly to you. We can accept this instruction by email, providing that your client has registered their email address with us previously. Should this not be the case, we will require a signed letter of authority.
- You will need to register with Penrith Building Society. If you are not registered, please complete the Intermediary Registration Form linked below and return to firstname.lastname@example.org.
- Once your client has accepted your recommendation, please complete and return the Product Transfer Application form linked below and return to email@example.com.
- Upon receipt of the completed Product Transfer Application Form, the Society will process the product transfer and arrange to pay a procuration fee – currently 0.20% (capped at a maximum of £750).
- If our rates fall after they have accepted a new product, your clients can request to switch to a new rate, on a like-for-like basis, up to 14 calendar days prior to their new deal starting. It’s important to note, only the rate can change. Everything else must remain the same.
Please note the following points:
- Are there 3 months or less remaining on your client’s mortgage scheme? If not, please wait until three months before scheme end before proceeding.
- Have you got details of your client’s mortgage account number? If not, this can be found on your client’s annual mortgage statement or completion letter.
- If your client has missed any mortgage payments in the last 12 months, their loan to value is greater than 90% or the mortgage balance is less than £10,000 then unfortunately they are not eligible for a product transfer.
If you require any guidance or assistance, please contact us on 01768 863 675.