Everything you need to know about switching your mortgage deal
What is switching?
Switching means changing your existing mortgage deal to a new deal with the same lender.
Moving your mortgage to a different lender is known as remortgaging.
If your current mortgage deal is ending soon, you may be able to switch a new deal with us up to 90 days before it ends.
Switching is usually quicker and simpler than remortgaging because your mortgage is already with us. In most cases:
- we won't need to reassess your affordability
- you won't need to provide proof of your income again
- there are no legal or valuation fees for most switches
Can I switch to a new deal?
If your current mortgage deal is ending soon, you can choose a new deal up to 90 days before it ends without paying an Early Repayment Charge (ERC). We’ll contact you around this time to explain your options and what happens if you don't switch.
If you want to switch more than 90 days before your current deal ends, you may need to pay an ERC. Check your account online, latest mortgage statement or call us on 0345 601 3344 for details.
How can I switch to a new deal?
Switch online
You can switch online if your current mortgage deal is ending within the next 90 days and you’re happy to choose your next mortgage deal without advice.
We'll contact you by email or letter before your deal ends to explain your options and remind you when you can switch.
Find out more on how to switch your mortgage deal online.
If you start your application online but decide you'd like some help, you can book an appointment with one of our mortgage advisers.
Speak to a mortgage adviser
If you’d like help understanding your options or choosing the right mortgage deal, you can:
- book an appointment with one of our mortgage advisers
- call us on 0345 601 3344
Using a mortgage intermediary?
If you arranged your mortgage through a mortgage intermediary, you may wish to discuss your options with them before switching.
When can I switch to a new deal?
In most cases, you can switch to a new mortgage deal up to 90 days before your current deal ends.
All mortgage switches start on the 1st of the month.
- Switching online - you’ll need to complete your application at least 14 days before the 1st of the month you’d like your new mortgage deal to start. Check your switch options
- Switching with a mortgage adviser or mortgage intermediary - we’ll need your signed paperwork by the 10th of the month before you want your new deal to start. For example, for your new deal to start on 1 January, we’ll need your paperwork by 10 December
- Waiting for your current deal to end? If so, you can switch:
1. on the 1st day of the month your deal ends, or
2. on the 1st of the following month
Before you switch
Before switching your mortgage deal, make sure you understand:
- how your monthly payments may change
- when your new payments will start
- whether any Early Repayment Charges (ERCs) apply
- if any other fees or charges apply
- whether different parts of your mortgage end at different times
- whether you could lose any existing mortgage features
If no ERCs apply, you can switch any time without paying an ERC.
You can find information about ERCs and mortgage end dates by logging in online or the app, in your latest mortgage statement or by calling us on 0345 601 3344.
What happens when I switch?
Once we've received everything we need, we'll confirm your new mortgage deal and when it will start. All mortgage holders will need to agree to any changes.
If you apply through one of our mortgage advisers, we’ll give you a European Standardised Information Sheet (ESIS), which explains your new deal and monthly payments.
If you're switching online, make sure you complete your application at least 14 days before the 1st of the month you'd like your deal to start.
Choosing the right mortgage deal
The mortgage deals available to you are based on:
- the estimated value of your property
- your outstanding mortgage balance
This is known as your Loan to Value (LTV).
When showing your available deals, we'll usually use an estimated property value based on market data, rather than a physical valuation.
If you think your property value has increased, speak to one of our mortgage advisers about arranging a revaluation. A fee may apply.
If you’d like help understanding your options, our mortgage advisers are happy to help - call us on 0345 601 3344.
Mortgage deals are subject to availability and may be withdrawn at any time.
Choosing the right mortgage deal
The mortgage deals available to you are based on:
- the estimated value of your property
- your outstanding mortgage balance
This is known as your Loan to Value (LTV).
When showing your available deals, we'll usually use an estimated property value based on market data, rather than a physical valuation.
If you think your property value has increased, speak to one of our mortgage advisers about arranging a revaluation. A fee may apply.
If you’d like help understanding your options, our mortgage advisers are happy to help - call us on 0345 601 3344.
Mortgage deals are subject to availability and may be withdrawn at any time.
Important things to consider
Before switching your mortgage deal, it’s important to understand how your new deal could affect your monthly payments and any features linked to your current mortgage.
If your current mortgage has features or benefits attached to it, these may not be available with your new deal.
If you repay all or part of your mortgage early, you may need to pay an Early Repayment Charge (ERC). You can find details of any ERCs by logging in online or through the app, in your mortgage offer or annual statement.
You should also make sure you understand:
- when your new payments will start
- how much your new monthly payments will be
- whether any fees or charges may apply
Need more information?
You can find more about switching your mortgage deal by:
- viewing our current mortgage deals online
- speaking to one of our mortgage advisers
- contacting your mortgage intermediary, if you have one
- calling us on 0345 601 3344 or
- viewing our guide for switching your deal online
You can also log in online or use our mobile app to check your mortgage details. If you need to register, give us a call or pop into branch.
Need more information?
You can find more about switching your mortgage deal by:
- viewing our current mortgage deals online
- speaking to one of our mortgage advisers
- contacting your mortgage intermediary, if you have one
- calling us on 0345 601 3344 or
- viewing our guide for switching your deal online
You can also log in online or use our mobile app to check your mortgage details. If you need to register, give us a call or pop into branch.
FAQs
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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