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HALIFAX INTERMEDIARIES ONLINE PRODUCT TRANSFERS
Intermediary User Guide
February 2018
For the use of mortgage intermediaries and other professionals only.
HALIFAX ONLINE PRODUCT TRANSFERS SELECT A TILE FOR MORE INFORMATION…
WHY PRODUCT
TRANSFER?
NEW BENEFITS
8-STEP PROCESS
ONLINE APPLICATION
MORTGAGE ENQUIRY
NEW SALES PROCESS
CLIENT FACT-FIND
STRAIGHT THROUGH PROCESS
CLIENT BUDGET
ASSESSMENT
FULL CLIENT AFFORDABILITY
ASSESSMENT CRITERIA
KEY MESSAGES
FURTHER INFORMATION
All Product Transfer applications can now be submitted via Halifax Intermediaries Online
Online client fact-find questions to help you submit the application right first time
Instant online product selection, illustration and offer for qualifying mortgages
Simplified process for applications where there’s a change to the client’s needs or current circumstances
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ONLINE PRODUCT TRANSFERS... A QUICK AND EASY WAY TO SUBMIT YOUR CLIENT’S APPLICATION
New benefits… WHY
PRODUCT
TRANSFER?
HOME NEXT BACK
ACCESS MORTGAGE
ENQUIRY
CONFIRM CLIENT DETAIL
CARRY OUT CLIENT
FACT-FIND
REVIEW AVAILABLE PRODUCTS
LOG-IN TO ONLINE
SYSTEM
GENERATE QUOTE +
ILLUSTRATION
CONFIRM INTERMEDIARY
DETAIL
\
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5 6 7 8
2.90% 3.75%
2.60%
CLIENT AGREEMENT + COMPLETION
THANK YOU
8-STEP
PROCESS
8-STEPS TO
OUR ONLINE
PRODUCT
TRANSFER
PROCESS
8-STEP
PROCESS
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START
COMPLETE
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Login to Halifax Intermediaries Online
Select ‘Create Product Transfer’ or ‘Mortgage Enquiry’
ONLINE
APPLICATION
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MORTGAGE ENQUIRY
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MORTGAGE
ENQUIRY
(1/5)
By confirming you have your clients agreement to view their current mortgage details, confirms to us that you have discussed this
retrieval with them and they are happy for you to view this information.
1 Account Search • You can search for your client’s mortgage account information using
either their 10/ roll number or by keying the 14 digit format
• You must confirm you have the client's agreement to access their mortgage information before proceeding
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2 Account Details • Mortgage Enquiry will display a summary of the accounts held by your
client
• The mortgage account information is displayed over 4 tabs: Account Details, Valuation Details, Payment Information and Repayment Vehicles
10501798231000 1 Trinity Road, Halifax, HX1 2GR Mr John Example
10501798231000
MORTGAGE
ENQUIRY
(2/5)
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Account Details
Valuation Details
Payment Information
Repayment Vehicles
MORTGAGE
ENQUIRY
(3/5)
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3 Sub Account Details
• Mortgage information can be viewed by selecting individual sub accounts listed in the ‘Summary of Sub Accounts’
MORTGAGE
ENQUIRY
(4/5)
10501798231000
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• Early repayment charge (ERC) information can be viewed per sub account
• You are now ready to begin a Product Transfer for your client
• Select ‘Create Product Transfer’ to begin…
MORTGAGE
ENQUIRY
(5/5)
10501798231000
HOME NEXT BACK
2.0
1902.86
N/A
31/01/2017
NEW SALES PROCESS
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NEW SALES
PROCESS
(1/4)
• Payment route
information must be confirmed before proceeding
• Intermediary contact details will be pre-populated by the system
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NEW SALES
PROCESS
(2/4)
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By clicking ‘Yes’ you confirm you have the customer(s) agreement to proceed with a Product Transfer
application submitted on their behalf.
• You must confirm
you have the client’s permission to proceed with a product transfer application on their behalf
• Level of service
and any fees you may charge are captured here so that they are detailed in the illustration later
NEW SALES
PROCESS
(3/4)
• The client’s
personal details will be pre-populated by the system and cannot be edited as part of the application
• Please review the information to check the details are correct
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JOHN
EXAMPLE
DAVID
01902 123456
NEW SALES
PROCESS
(4/4)
• If any of the
information is incorrect, the client should contact Halifax directly to update their information
• Contact details can be found in the ‘Contact Us’ section of our intermediary website www.halifax-intermediaries.co.uk
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JOHN EXAMPLE
1
TRINITY ROAD
HALIFAX
HX1 2GR
CLIENT FACT-FIND
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CLIENT
FACT-FIND
(1/2)
Capital and interest repayment mortgage
• To assess the client's needs and circumstances, a total of 5 fact-find questions will be asked for capital and interest repayment mortgages
• If the answer is ‘No’ to all of the questions, the application will qualify for the straight through process
• If any of the questions are answered ‘Yes’ an element of assessment and processing will be required before the application can be completed
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Does the customer wish to change the structure of their loan or is an
external appraisal of the property required?
CLIENT
FACT-FIND
(2/2)
Interest only mortgage
• For interest only mortgages, the client fact-find questions are slightly different to the questions asked for capital and interest repayment mortgages
• Interest only mortgages don’t qualify for the straight through process because we need to ensure end of term repayment plans are in place before the application can complete. In some scenarios we may request to see evidence of the client’s repayment plans
• Additional affordability assessment may also be required depending on the client’s needs and circumstances
HOME NEXT BACK
STRAIGHT THROUGH PROCESS
HOME NEXT BACK
STRAIGHT
THROUGH
PROCESS
(1/8)
• The ‘Mortgage
Details’ screen shows the client’s existing sub accounts
• New mortgage products can be chosen for any sub account that is no longer tied-in by an early repayment charge (ERC)
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ABC123 3.49
ABC123 3.49
ABC123 3.49
ABC123 3.49
ABC123 3.49
ABC123 3.49
31/01/2017
31/01/2017
31/01/2017
STRAIGHT
THROUGH
PROCESS
(2/8)
• To view the
available products, select a sub account and hit ‘Search’
• If the product code is already known, this can be keyed into the ‘Available Products’ search box
HOME NEXT BACK
STRAIGHT
THROUGH
PROCESS
(3/8)
• Hover over the
product code to view the product details
• Upon selection of a product you can opt to add the product fee to the mortgage
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STRAIGHT
THROUGH
PROCESS
(4/8)
• When a new
product has been chosen, a quote and mortgage illustration can be produced
• Multiple quotes and illustrations can be produced, these will be listed in the ‘Manage Quotes’ screen
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ABC123 3.49
ABC123 3.49
STRAIGHT
THROUGH
PROCESS
(5/8)
HOME NEXT BACK
ABC123 3.49
ABC123 3.49
STRAIGHT
THROUGH
PROCESS
(6/8)
• If a product fee is
applicable and the client wishes to pay this upfront, a ‘Fee Details’ screen will allow the payment to be taken
HOME NEXT BACK
STRAIGHT
THROUGH
PROCESS
(7/8)
Mr John Example
• By selecting ‘Complete’ the new rate will take effect
• Applications completed using the straight through process can be submitted up until the last day of the month
• The client will benefit from the new rate from the first of the following month
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By clicking ‘Complete’ you are confirming you have the customer(s) agreement to proceed with the Product Transfer on their
behalf.
STRAIGHT
THROUGH
PROCESS
(8/8)
Mr John Example
• The final screen in the straight through process will confirm we have accepted the application and states the date the new rate will take effect
• No further action is required, the product transfer process is now complete
• The product transfer Offer document will be made available for you to view in the online ‘Document Store’ and a copy will be posted out directly to your client
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CLIENT BUDGET ASSESSMENT
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CLIENT
BUDGET
ASSESSMENT
(1/6)
• The client budget assessment process will ask for a maximum monthly budget
affordable for the client
• We will not request evidence of this budget, however it will be assessed against the client’s new monthly payment based on their chosen product
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• Repayment vehicles are acceptable based on our current interest only
mortgage lending policy
• Please review the lending criteria held on our intermediary website www.halifax-intermediaries.co.uk for full details of our interest only and repayment vehicle policy
CLIENT
BUDGET
ASSESSMENT
(2/6)
HOME NEXT BACK
• The ‘Existing Sub
Account Details’ screen allows you to specify the new product required
• The sub account numbers are detailed in Mortgage Enquiry
CLIENT
BUDGET
ASSESSMENT
(3/6)
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• The ‘New Sub Account’ screen allows you to split an existing sub account
• This would allow you to assign two different products to an existing sub account
• This screen is not intended for additional borrowing. Combined product transfer and further advance applications must be submitted using the further advance application process
CLIENT
BUDGET
ASSESSMENT
(4/6)
HOME NEXT BACK
• Income
information is not required as part of the client budget assessment
• Updated client retirement information is required
• The final screen before submission asks if an external appraisal is required
CLIENT
BUDGET
ASSESSMENT
(5/6)
HOME NEXT BACK
MR JOHN DAVID EXAMPLE
Mr John Example
• The ‘Decision’ screen will confirm the application has been submitted successfully
• This is the final screen in the process for both client budget assessment and full affordability applications
• You should now carry out any outstanding tasks detailed in the ‘Next Steps’ such as submitting any required documents using the Halifax Document Upload Service
CLIENT
BUDGET
ASSESSMENT
(6/6)
HOME NEXT BACK
105017982310-00
FULL CLIENT AFFORDABILITY
HOME NEXT BACK
FULL CLIENT
AFFORDABILITY
(1/4)
• As part of a full
affordability client assessment we require details of the client’s income
• Full details of our acceptable income criteria is held on our intermediary website www.halifax-intermediaries.co.uk
HOME NEXT BACK
MR JOHN DAVID EXAMPLE
• Evidence of
income will be required following application submission so that it can be verified
• Full details of our acceptable income criteria and the evidence we require is held on our intermediary website www.halifax-intermediaries.co.uk
FULL CLIENT
AFFORDABILITY
(2/4)
HOME NEXT BACK
MR JOHN DAVID EXAMPLE
MRS JANE LOUISE EXAMPLE
• As part of the full
affordability application process, the client’s personal finance information is required and adverse credit history questions are asked
FULL CLIENT
AFFORDABILITY
(3/4)
HOME NEXT BACK
• Financial
commitment information is requested so that an affordability assessment can be carried out for the client
FULL CLIENT
AFFORDABILITY
(4/4)
HOME NEXT BACK
ASSESSMENT CRITERIA
HOME NEXT BACK
STRAIGHT-
THROUGH
PROCESS
Mr John Example
• When selecting
‘Create Product Transfer’ from Mortgage Enquiry we will check the client’s mortgage to ensure they are eligible for a product transfer
• If the client is ineligible a message will be displayed confirming the action required before a product transfer application can take place
ASSESSMENT
CRITERIA
(1/4)
HOME NEXT BACK
STRAIGHT-
THROUGH
PROCESS
• Yes – Full client affordability
• Yes – Full client affordability
• Yes – Full client affordability
• Yes – Client budget assessment
• Yes – Client budget assessment
If the answer is ‘No’ to all of the fact find questions the application will progress via the straight through process
How are capital and interest repayment mortgages impacted by the client fact find?
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5
ASSESSMENT
CRITERIA
(2/4)
HOME NEXT BACK
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5
STRAIGHT-
THROUGH
PROCESS
How are interest only mortgages impacted by the client fact find?
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• Yes – Client budget assessment / No – Full client affordability
• Yes – Full client affordability / No – Client budget assessment
• Yes – Full client affordability / No – Client budget assessment
• Yes – Full client affordability / No – Client budget assessment
Interest only mortgage product transfers cannot progress via the straight through process in any scenario
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ASSESSMENT
CRITERIA
(3/4)
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ASSESSMENT
CRITERIA
Client need or circumstance Options available
Change repayment type to interest only (or part and part)
Acceptable, subject to satisfactory repayment vehicles based on Halifax lending criteria
Term reduction Acceptable, subject to affordability assessment
Term increase Acceptable to a maximum term of 40 years. Subject to affordability assessment if term extends into retirement
Client need or circumstance Options available
The client can afford to change the full mortgage balance to capital repayment
Repayment type can be changed to capital repayment at client request, but this is not a condition of the product transfer
The client can afford to change some of the mortgage balance to capital repayment
Repayment type can be changed to capital repayment for the affordable amount at client request, but this is not a condition of the product transfer
The client cannot afford to change the repayment type to capital repayment
Product transfer proceeds on an interest only basis
Client need or circumstance Options available
The client can afford to reduce the mortgage term
Term can be reduced if the client requests, but this is not a condition of the product transfer
The client cannot afford to reduce the mortgage term
Product transfer proceeds based on the current term
1 Capital and interest repayment mortgage
2 Interest only with repayment plan shortfall
3 Lending into retirement (LIR)
STRAIGHT-
THROUGH
PROCESS
ASSESSMENT
CRITERIA
(4/4)
HOME NEXT BACK
KEY
MESSAGES
KEY
MESSAGES
IT’S EASIER TO DO BUSINESS WITH ONLINE PRODUCT TRANSFERS
• We’re committed to intermediaries – and will continue to improve our intermediary processes
• We keep things simple - our product transfer process improvements align with our main mortgage process
• No change to lending criteria – we’re simply improving the application experience for you and your clients
• We’ve been supporting you – by paying procuration fees on product transfer applications for 10 years
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FURTHER INFORMATION
For further help and support please contact your local Business Development Manager Alternatively, visit our intermediary website www.halifax-intermediaries.co.uk
Halifax is a division of Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.