The move to introduce longer product transfer windows was part of the voluntary Mortgage Charter last July negotiated between Chancellor Jeremy Hunt and major lenders, as rates rose following the Liz Truss mini-Budget in September 2022. 

But the lender now says: “As market rates have stabilised over the last few months and the Bank of England base rate is forecast to go down later this year, we’ve seen a very low percentage of eligible customers requesting a new deal between four to six months before their current deal ends.” 

The bank will begin cutting its product transfer window from 11 June, “while still supporting the Mortgage Charter”. 

It will do this by holding product completion deadlines for product transfer deals that the lender launches in June and July.   

This means: 

• 14 May — the product completion deadline is 5 December 2024 which is just over six months 
• 11 June — the product completion deadline will be 5 December 2024 which is just over five months 
• 16 July — the product completion deadline will be 5 December 2024 which is just over four months 
• 13 August 2 — the product completion deadline will be 5 January 2025 which is just over four months 

The firm adds: “For the time being, only customers with a current deal ending up to and including 4 December 2024 will be eligible to secure a new deal.  

“Then from 13 August relaunch, customers with a current deal ending up to and including 4 January 2025 will become eligible for a new deal.”