Product transfers
Submit a deal up to four months in advance
More ways to submit a product transfer
We've recently launched our Mortgage Sales and Origination system (MSO) so that like-for-like product transfers* can be submitted online. For everything else you can still use our standard application process.
With MSO you will benefit from:
- managing and submitting like-for-like product transfers quickly and easily
- less paperwork and no wet signatures
- faster turnaround times, improving the service we provide you and your clients
Like-for-like product transfers
Register for online product transfers - You’ll need to register on MSO to submit like-for-like product transfers.
- Login to MSO - Once registered, log in using your new username and password.
- You’ll need your client(s) personal details including the mortgage account number and subject property's postcode to be able to process a product transfer in MSO
- To complete a like-for-like product transfer:
- Click on the login button and create a case for Coventry (usually owner occupier) or Godiva (usually Buy-to-let)
- Add all customers on the mortgage to access the account information
- Select case summary to view the property and loan details
- Choose the product and generate the offer
- Select payment option** and generate the offer and illustration pack
- Confirm the customers consent to proceed and submit the product transfer
**If a product fee is to be paid rather than added to the loan this will need to be paid at the point of application
Like-for-like product transfers can be submitted on MSO up to 4 months in advance.
How to submit a like-for-like product transfer on MSO
First of all you’ll need to be registered for MSO with us. You’ll also need to have your client(s) personal details including their mortgage account number and subject property's postcode to hand.
- Click on the ‘log in’ button and create a case for Coventry (usually residential cases) or Godiva (usually Buy-to-let).
- Add all customers on the mortgage to access the account information.
- Select ‘case summary’ to view the property and loan details.
- Choose the product.
- Select product fee payment option* and generate the offer and illustration pack.
- Confirm the customers’ consent to proceed and submit the product transfer.
- Pay product fee if applicable
- Double check your case has been submitted. Head to the ‘Case summary’ page and look for the words ‘Application has been submitted’.
- Submit by 23rd of the month if you need the transfer to complete on 1st of the following month. (Please note: applications can only be submitted on products in our current range. A full application must be submitted to secure the product before the product is withdrawn.)
*If a product fee is to be paid rather than added to the loan this will need to be paid at the point of application
Frequently asked questions
What are the like-for-like product transfer exclusions?
If any of the below statements apply to your client, please call us on 0800 121 7788.
- Looking to transfer early and pay an ERC
- Wanting to change the mortgage amount, term or repayment basis
- Has Consent to Let on their current mortgage deal
- Is a Portfolio Landlord, with four or more Buy to Let mortgaged properties
- Currently taking a payment holiday and/or are in arrears on their mortgage
- Is currently in a mortgage charter arrangement
- Requesting a future dated transfer and is currently on a Flexx fixed product
Can I cancel or change a like-for-like product transfer?
I want to process the product transfer now but it doesn’t fit the LTV. In a couple of months it will, due to the additional monthly payments made. What are my options?
I would like to challenge the valuation, can I do this on the system?
We’re committed to supporting you and your clients at maturity
Transferring mortgage products can keep costs down for your clients. There’s no legal costs or valuation fees and many products are fee-free.
Plus...
- We offer the same rates and same service to you as we do our direct customers
- We'll send email reminders when your clients are coming to the end of a deal
- We pay proc fees of 0.30% on all completed product transfers
- There’s zero underwriting for like-for-like product transfers.
For all other product transfers please call us on 0800 121 7788 (option 3) to request account information or an illustration and application pack for your client.
Using Send Secure, email the illustration Special Conditions page signed by the client(s), which is part of the application pack to intermediaries@thecoventry.co.uk.
Submit your paperwork by 23rd of the month if you need the transfer to complete on 1st of the following month. We’ll email you to confirm receipt and that the product transfer will go ahead on the chosen date.
(Please note: applications can only be submitted on products in our current range. A full application must be submitted to secure the product before the product is withdrawn.)
Buy to Let product transfers will be subject to rental stress testing at the applicable rate if:
- The current product is a fixed rate with a scheme period of 5 years or longer, and
- The selected scheme period is shorter than the scheme period remaining on the current product
If your client is an interest-only borrower our interactive guide will help you select the right product.
Things to note
If your client:
- has four or more mortgaged Buy to Let properties and is a portfolio landlord, they must select from our portfolio landlord product range
- is an existing Godiva Standard Residential customer, you can view the transfer products available.
All lending is subject to current product terms, lending policy and product availability and eligibility.
We don’t pay proc fees when the new product is the applicable standard variable rate.
Product transfers from 5-year fixed rate products (or longer) to products with less than 5 years will be subject to a stress test at the applicable reference rate.
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