Online Further Advance and Product Transfers
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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. 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. 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.
How quickly will Product Transfers take effect?
When you key a Product Transfer online, you will be given 3 dates to choose from. If the application is keyed between the 1st and 25th of the month (inclusive), the options will be the 1st day of the next 3 months. For example, a case keyed in January, anytime between the 1st and 25th, may complete on either the 1st of February (the default date), or you may opt for the 1st March or 1st April. If, however, the case is keyed between the 26th and the end of the month, the 3 dates offered would be 1st of March (the default date), or the 1st April or 1st May.
The completion date might be today but the Product Transfer is not effective until the Product Transfer Date - selected as above.