Frequently Asked Questions Proc fees on Product Transfers

Transcription

1 Frequently Asked Questions Proc fees on Product Transfers FOR INTERMEDIARY AND PROFESSIONAL FINANCIAL ADVISOR USE ONLY. Our mortgages are provided by Coventry Building Society and/or Godiva Mortgages Limited. The Coventry for intermediaries is a trading name of Coventry Building Society. Coventry Building Society. Principal Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN. Godiva Mortgages Limited. Registered Office: Oakfield House, Binley Business Park, Harry Weston Road, Coventry CV3 2TQ.

2 General

3 The Process How do I complete a product transfer? We ve made the process easier and more straightforward and we ve produced a guide for you which you can find here. How long will it take for me to receive the proc fee following completion of the product transfer? All our product transfers complete on the 1st of the month, providing we have received the application no later than the 23rd of the previous month. Product transfer proc fees will be paid by us on the 20th of the month that the transfer completes in. If you are paid by a Network or Club, you will receive payment shortly afterwards in line with your normal arrangements. Can I submit the application online? You ll be able to complete our interactive form online and then it over to us.

4 The Process (continued) Do I need customer authority? Yes, and to help you out we ve improved our customer authority process, which you can find here. What about more complex cases, for example are further advances included in the proc fee? Our proc fees will only be paid on the total amount of the actual product transfer. Currently, we are not paying a proc fee on further advances. How long will it take to turnaround the KFI? We ll always aim to turnaround your KFI in 48 hours, sooner if we can.

5 The Process (continued) How soon before the customer s current rate ends, can I start the product transfer process? You can reserve a product up to 4 months in advance by submitting an application. Can I change my mind about completing the transfer? Yes, up to 23rd of the month prior to the transfer taking place. How do I obtain a valuation or LTV of the customer s property? We use indexed valuations to process product transfers. We ll need the customer s authority to release that information and then you can request the information using our improved customer authority process which you can find here.

6 The Process (continued) Will product transfers require underwriting? Like-for-like BTL product transfers do not require underwriting. Where there is a change to the mortgage contract, e.g. change of borrower or further borrowing, underwriting will be required.

7 Your payment How will I get paid and when? Payments will be made on a monthly basis by faster payments via your chosen payment route. Do I need to be registered with the Coventry for intermediaries? Yes. Do I have to have been the broker who submitted the original application for example when the initial mortgage was taken out? No, as long as you have the customer s authority to act on their behalf, you can submit a BTL product transfer and the proc fee will be paid to you.

8 Your payment (continued) Can I still add my broker fee as well as the proc fee? Yes. Can I track the product transfer online how will you keep me updated? You ll receive an acknowledgement on receipt of your clients completed product transfer application and another when completion has taken place. How will I be informed about the proc fee payment? Where you currently receive an online statement, we will send you a monthly product transfer statement by . Alternatively, your Network or Mortgage Club will advise you.

9 Your payment (continued) Will the proc fee payment be capped or have a minimum? There is no minimum amount. The proc fee payment will be capped at a maximum of 4000.