Client Application
Further Advance and Product Transfers
If you would like to apply for a Further Advance and Product Transfer on behalf your client you need to have their authority to speak to us on their behalf.
To Get Started:
Please complete our 3rd Party Authority Form
Then fax this back to 0845 603 9009
To ensure the authority form has been received and to initiate the application please call
0845 306 0031 and select option 5.
For subsequent case updates please call your normal relationship team number.
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Why Offer Your Client a Bank of Scotland Further Advance or a Product Transfer?
- Quick and easy process - faster than remortgaging your client elsewhere.
- Competitive rates - a wide range for all your clients - no matter how complex.
- Opportunity to review all your client’s finances.
- Complete control of the process from start to finish.
Frequently Asked Questions (FAQs)
The FAQs below will help to answer any queries you may have in relation to Further Advances and Product Transfers. If you have any further queries visit www.bankofscotland.co.uk/intermediary or contact your Business Development Manager.
Q. Will I be paid a procuration fee on Further Advances or Product Transfers?
A. No
Q. Once I have sent in the authority how long before I can call the Call Centre to progress a further advance or product transfer?
A. 3 working days. To ensure a turnaround of 3 working days please fax to 0845 603 9009.
Q. Can I do a Further Advance / Product Transfer on FSA Regulated and Non-FSA Regulated mortgages?
A. Yes. A regulated mortgage will stay regulated regardless of a Further Advance or Product Transfer. A Non-FSA Regulated mortgage will stay Non-FSA Regulated if a Product Transfer is carried out. Where there is to be a Further Advance on a Non-FSA Regulated mortgage, we shall take the opportunity to refinance the whole mortgage account, including the existing debt and the Further Advance, to give customers the benefit of regulation for the total mortgage.
Q. Will the Higher Lending Charge appear on the KFI, offer and completion letter?
A. Higher Lending Charge is not charged on Further Advances and it does not apply to Product Transfers, therefore, it will not be shown on the KFI, the offer or on the completion letter.
Q. Can the Further Advance funds be drawn down on behalf of the client?
A. No, the document to support this goes out with the offer and your client will need to complete and sign this.
Q. Why is it right for your client?
A.
- More choice - an easy alternative to remortgaging.
- Great value from Bank of Scotland - we have a wide range of loyalty and Further Advance products for all your clients including, Mainstream, Self-Cert, Buy-to-Let and Large Loans.
- Quicker process than remortgaging elsewhere.
Q. Can I arrange a credit limit increase for my Personal Choice client?
A. Yes
Q. Will I get a copy of the KFI for the Further Advance or Product Transfer?
A. Yes, both you and your client will receive a copy of the KFI.
Q. Is this facility open to all existing clients?
A. No, at this time 3rd Party Authority is only available to clients who applied for their mortgage after May 2003. These are accounts with roll numbers A/ xxx xxxxx only. For accounts that don’t commence A/ - customers must call 0845 6031 136.