Rate switch

When your client is looking to move onto a new deal, our rate switch options help you support them.

Rate switch benefits 

Flexible changes

Switching only changes your client’s mortgage product. Your client can change their mortgage term,  repayment type, or borrowing amount separately. This can be done before or after a switch.

Save money

If a switch isn't made before the end of your client's current deal, the account will move onto the revert rate detailed in their mortgage offer.

Secure a rate easily

There is no need for us to complete a new credit search as part of the switcher process, as your clients are existing customers.  

 

Your client's eligibility

  • Tick icon Must have made at least one mortgage payment.
  • Tick icon Does not want to amend their existing mortgage term at the same time as the switch.
  • Tick icon Is no more than one month in arrears.
  • Tick icon Must not be using the property as a buy to let.
  • Tick icon Must not be yourself.
  • Tick icon
    If has been subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA), this must have been discharged. The trustee must have confirmed they no longer hold an interest in the mortgage.

If your client does not meet the criteria above, they may still be able to switch.  Examples include if:  

  • They have more than four months remaining on their fixed rate and have an ERC.  
  • They are unable to obtain joint consent.  
  • They are in arrears.  

If this is the case, your client will need to contact us directly. They can:

  • Log in to Mortgage Manager or 
  • call us on 0330 162 44 80, Monday to Friday 8am to 6pm, Saturday 8.30am to 4pm. Closed Bank Holidays.

Key features

  • Switches always start on the first of the month: You can choose from four different start dates for the new rate, so your client knows exactly when their monthly payments change.  
  • No need for a property inspection: We’ll apply our automated valuation model (AVM). Give us a call to confirm the valuation figure we hold for the property.  
  • Flexible fee payment and cancellation options: Your client can usually choose whether to pay any required product fee up front or add it to their loan. And you can cancel a switch up to the 20th of the month before it is due to start.  
  • Rate availability: Once you let us know you intend to cancel and resubmit a rate switch, we’ll honour the rates available at the time the cancellation is processed.
  • Switch up to four accounts at once: If you select the same product for multiple accounts with a switch starting on the same date, your client will only pay one fee (if applicable). Our rate switch keying guide shows you how.

When to switch

  • We’ll send your client letters about the end of their current deal, at sixteen weeks and four weeks before it ends. 
  • We may also send an additional letter if the Bank of England base rate changes and there is an impact on their current deal.
  • Product end dates can be found on the client's latest mortgage offer, mortgage statement or the product maturity letters.

Fixed rate deals

 Switch when your client has less than 4 months left on their existing deal without an ERC.

Tracker deals, Standard Mortgage Rate (SMR) or Base Mortgage Rate (BMR)

 Switch at any time without an Early Repayment Charge (ERC).

Tip:

 
For more information about switching, including submission dates and cancellations, see our rate switch page in lending criteria.