Introducing overpayments with a product transfer

As part of our pledge to improve the product transfer process, from Friday 20 June your clients can make an ERC-free overpayment before you submit the product transfer request. Doing this before could allow your client to get a better deal or reduce their monthly payment or term. This won’t impact their ERC-free overpayment allowance.

We can only allow an ERC-free overpayment with a product transfer on loans that are eligible to book a new deal. If your client wants to make an overpayment to a loan or loans that aren’t eligible for a product transfer, they can do this in the normal way. 

How do I do this?

• You’ll find an overpayment request form in the ‘Overpayments with a product transfer’ section of our Product transfers page.
  
• Once we’ve processed the request, we’ll send you an email telling you your client can make the overpayment.
  
• Once we process the overpayment, we’ll email you to tell you when you can submit your client’s product transfer request.
  

Improvement to product transfer acceptance process
To make it easier for your clients to accept their product transfer offer, when they click the link in the acceptance email we send them, the OLA reference number will automatically populate directly into the log on screen.

Further support
We’ve updated our product transfers page and frequently asked questions to reflect these changes.