Bank of Ireland UK will cut its product transfer early booking periods over the next two months.

The lender says in a note to brokers:

• From 1 November, its product transfer early booking period will fall from six months to five months
• From 1 December, this period will fall from five months to four months

The bank says that intermediaries can transfer customers to a new mortgage rate on its online product transfer service, adding that the “new interest rate will start on the expiry of their existing promotional period”.

Brokers receive a 30 basis point procuration fee for a product transfer.

The lender adds: “To guarantee that your customer’s product transfer takes effect on the 1st of the month after their current deal ends, we must receive their offer acceptance, signed by all parties on the mortgage, and any associated information by the 19th of the final month of their current deal.

“Offers are valid for 30 days.”