Frequently Asked Questions
What is a Product Transfer/Rate Switch?
Most Mortgage borrowers take a fixed rate or discounted rate when their mortgage commences. Typically this may be a product term of 2-5 years and sometimes longer. In most cases when the product terminates the interest rate charged on the mortgage will revert to the Standard Variable rate which is likely to be higher than the original rate charged. A Product Transfer or Rate Switch allows you to take a new product instead of going on to the Standard Variable Rate. For example if you want the security of a fixed rate then you can re fix your mortgage.
What is the difference between a product Transfer and a remortgage?
A remortgage requires you to move your mortgage from your existing lender to another lender. Such a move requires full mortgage application forms, a legal process, valuations, income proof and full underwriting. With a Product transfer with your existing lender the process requires a simple form (or on line application through us) which should take no longer than 5-10 minutes.
Will I be accepted automatically?
All borrowers are entitled to apply for a transfer and will be automatically accepted subject to the product selected. If your mortgage is in arrears or the original set up of the mortgage was not a standard mortgage structure, then the lender reserves the right to reject the application. In these rare cases we will assist you in trying to resolve any issues that arise.
What happens if I have an existing penalty on my mortgage product?
If you are on an existing product we would recommend that you remain on your product until the product term has expired. It is rare that paying a penalty can be justified unless you are on a long term rate that is very high. We will assist you in making this calculation.
What are the fees for arranging a Product Transfer?
The only fee you will have to pay is the product arrangement fee. Most products carry arrangement fees and this will be specified together with the product details. There are no other fees that need to be paid.
How does the service Windfall offers differ from going direct to your lender?
The rates we offer on behalf of your lender are exactly the same that you will be offered if you call directly. However, your lender pays us a fee for arranging the transfer and we pass on some of that fee to you. The amount of the fee can be calculated using the rebate calculator on our home page. Additionally, we offer a service where you can simply apply for the transfer online in a simple 3 step process. If you require any assistance along the way, you can use the web chat button, email us or telephone us and we will be happy to assist you further.
Which lenders do you offer a product transfer for?
Currently we offer this service for 3 lenders, Barclays/Woolwich Plc, Halifax Plc, Bank of Scotland and Birmingham Midshires. Together these 4 lenders account for approximately 40% of the mortgage market.
How long in advance can I apply for a Product Transfer/Rate Switch?
Most lenders allow you to apply up to 3 months in advance. If you see a rate you like you should feel free to apply. If for any reason your lender declines the application due to it being outside their permitted time limit we will be in touch with you at the earliest opportunity to advise you.
When does the rebate get paid?
Within 2 weeks of your product transfer being completed we will pay your rebate to you either by bank transfer or cheque. You specify your preference on the application page.