COR Newsletter Issue 29 - Remortgage Business - Dec 2017

ISSUE | 29
Please record any
other reasons why
it is suitable for
your customer to
switch lender, e.g
if they have been
dissatisfied with
their service.
Guidance
To read Sesame’s guidance on recording suitable remortgage advice including the
completion of the ‘Remortgage Cost Comparison’ form see section 5.2 of the document
below:
Formulating your home finance advice: analysis & research – click here
Product Transfers
The suitable solution for your customer maybe a Product Transfer or Rate Switch. Your file
should provide evidence as to how your recommendation meets your customers
requirements. This is achieved by completing the normal advice process including fact find,
research and suitability report.
One part of the process which has been streamlined based on your feedback is the level of
income proof needed for product transfers. Instead of a P60 and 3 months wage slips being
required as standard evidence of income for employed customers, only wage slips are
needed. This is the only exception and where a Prooduct Transfer is your recommendation
you should ensure the normal advice process is followed, in order to establish the suitability
of your advice.
There may be occassions when a lender is unable to provide certain documentation for
product transfers. An example of this is where an application is not available. In such
scenarios it would be best practice to apply notes to the file explaining the lack of availability.
You may also be unable to get the neccesary comparison illustrations from the lender.
FOR INTERMEDIARY USE ONLY
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Pixham End, Dorking, Surrey RH4 1QA. Sesame Limited is entered on the FCA Register No 150427 at www.fca.org.uk/register. Registered in England with company
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