Please Note: The information included within these pages is for for use by FCA authorised intermediaries only. If you are a customer please visit our customer web pages.
Product Switch
Important Information: We are currently only accepting applications from intermediaries located within our branch operating area unless already registered. Click here for more information.
Switching to a new product is quick and easy
Is your existing Cumberland customer at the end of their deal and looking to change to a new one? We've outlined the three simple steps for switching.
We want to make product transfers available to as many Cumberland borrowers as possible. When switching to a new deal, we’ll make sure that the rates available to existing customers are as good or better than those offered to new customers and there are no legal or valuation fees to pay.
To be eligible to switch, your client will need to meet the following criteria:
- They are within the last three months of their current mortgage deal.
- They have 2 years and 4 months, or more left on their mortgage term.
- Their mortgage balance is £10,000 or more.
- They’re not considering, or are currently, letting their property out.
- They have not missed 2 or more monthly mortgage payments.
If your client does not meet some of the criteria above this will not automatically prevent them from switching, so it is best to contact your relationship manager for more details.
The Society’s residential mortgage product transfer rates can be viewed here.
Products may be withdrawn and can only be guaranteed once the customer has returned a signed copy of the mortgage offer.
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Notify the customer
We'll write to the customer 3 months before their existing deal is due to end and advise them to contact their original mortgage advisor.
If your firm did not originally introduce the client to the Society, please ask your customer to complete the authorisation on the product transfer application.
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Complete product transfer application form
Download product transfer formComplete the product transfer application form and email this to our retention team to action.
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Complete registration form (if not already registered with us)
Complete formsTo introduce a rate switch you must be registered with us. If you aren’t currently registered with us, please send us the completed intermediary registration form along with the product transfer application form.
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Mortgage offer
We’ll send the mortgage offer to you and your customer for them to sign. Once we’ve received the signed copy, we’ll action the rate switch and let you both know when the rate switch is complete.
Benefits for you and your customer
Switching to a new rate with The Cumberland comes with a range of benefits to you and your customer, including:
• No valuation needed unless customer requests a further inspection
• No legal fees
• No credit checks
• No supporting documentation
• Procuration fee 0.20%
Frequently Asked Questions
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When can my customer change their rate?
You can apply any time during the last 3 months of their current product expiry date.
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When will the new rate take effect?
The new rate takes effect as soon as the existing rate matures.
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Can my customer apply for additional borrowing with a product transfer?
Unfortunately not - we’d need to process that as two separate applications. For further information please get in touch on 01228 403 312.
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When will my procuration fee be paid?
We’ll pay your procuration fee 30 days after the new rate takes effect. The fee will be based on the outstanding mortgage balance.