Existing borrower FAQs

Frequently asked questions for existing mortgage borrowers

Existing borrower FAQs

Can I get a better interest rate?

Our Mortgage Advisers will be able to review the whole of your mortgage and recommend the best products suited for you based on your current financial situation. Please contact us on 0121 557 2551, visit one of our branches, or complete our contact us form to arrange an appointment to speak with one of our Mortgage Advisers.

My current mortgage product is due to expire, what should I do?

When your existing mortgage product is coming to an end, we will write out to you around eight weeks before your product maturity date inviting you to complete a product transfer.

If you choose not to take up our product transfer offer, you will automatically revert to our Standard Variable Rate or Buy to Let Variable Rate. We will confirm your new monthly repayment by post. For more information, or to book an appointment please call us on 0121 557 2551, complete our online form or visit one of our branches.

I've received a product transfer made easy letter, what does this mean?

You will receive a product transfer made easy letter when your current mortgage product is coming to an end. In your product transfer made easy letter, we provide you with details of the products currently available, for you to select the most suitable product for yourself. This allows you to complete your mortgage product transfer on an Execution Only basis. Execution Only means we will not provide you with any advice. To let us know which product you have chosen, there are 4 easy ways to contact us:

Complete the online product transfer form;
Email rateswitch@thetipton.co.uk;
Call us on 0121 521 4088; or
Post your completed form using the prepaid envelope provided.

We will then issue your product transfer documentation for your chosen product.

If you are unsure which product to choose and would like advice from one of our Mortgage Sales Advisers to find the most suitable product for you, please contact us on 0121 557 2551, visit one of our branches, or complete our contact us form to arrange an appointment.

Can I have my property revalued to see if I am eligible for better products?

We recommend that you book an appointment with one of our Mortgage Advisers who will be able to determine whether it is beneficial for you to have your property revalued. Please contact us on 0121 557 2551 or complete our contact us form for more information.

I've seen other products on your website, can I apply for one of these?

The products detailed on our website are for new customers only. The rate switch made easy letter you will receive details all products currently available to you, based on your outstanding mortgage balance and the last valuation we carried out on the property. If you would like further assistance with your mortgage product transfer, please contact us on 0121 557 2551, or complete our online contact form.

When can I apply for a new mortgage product?

It is most common to switch to a new mortgage product when your current mortgage product is coming to an end. However, you may want to review your mortgage before this. If you transfer to a new product early, you may incur an Early Repayment Charge. If you have had a change in your personal circumstances, you may want to review your mortgage to find a product more suited to you. For more information, please contact us on 0121 557 2551, or complete our online contact form.

My property has increased in value, does this affect which products I can have?

The range of products that are available to you depends on your loan to value. If your property has increased in value this could make a difference to the products you are eligible for. We will need to arrange to revalue your property for which there is a fee payable. Please contact us for more details on 0121 557 2551 or by completing our online form.

How do I apply for a new mortgage product?

If you have received a product transfer made easy letter from us containing your unique reference code and product options, you are eligible to apply to choose your own mortgage product on an Execution Only basis without receiving advice from us. Let us know which product you’d like to proceed with by completing our online product transfer form, emailing rateswitch@thetipton.co.uk, calling us on 0121 521 4088, or posting the form back to us using the pre-paid envelope. If you would prefer to receive advice, or if you are not eligible for Execution Only, please arrange an appointment with one of our Mortgage Advisers, you can do this by calling us on 0121 521 4088 or completing our online contact form.

Is applying for a new product the same as when I applied for my original mortgage?

Completing a product transfer with us is a much quicker and simpler process. We will issue you with all the necessary paperwork you will need to sign and return. For a straightforward rate switch we don’t usually need any additional documentation from you. For more information please call us on 0121 521 4088, or complete our online form.

Will I incur any fees if I apply for a new mortgage product?

We do not charge a fee for the advice you may choose to receive or the administration work for your product transfer, however there may be fees relating to the mortgage product you apply for.

What documents do I need for a product transfer appointment?

An advised product transfer appointment is simple and straightforward. We do not require you to bring any documentation with you, however we will ask questions about your gross annual salary; net monthly income; self employed income; other income and financial commitments such as loans; credit cards; car finances; and childcare costs.

If you are applying for additional borrowing with your product transfer we will need more information, this will include:

Most recent P60;
Latest salary fed bank statement;
Last three months' pay slips;
Last three years’ SA302s or limited company accounts (if self-employed);
Accountants details (if self-employed);
Home improvement quotations (if borrowing additional money).

If there are any other documents we may need, your Mortgage Adviser will let you know.

Will I incur an Early Repayment Charge when transferring my product?

If you are on our Standard Variable Rate or Buy to Let Variable Rate you can apply for a new product at any time without incurring an Early Repayment Charge. If your current mortgage product is coming to an end, you will be able to transfer to a new product upon maturity, without incurring an Early Repayment Charge.
If you are within a mortgage product you may incur an Early Repayment Charge. Please call us on 0121 521 4088, or complete our online contact form for more information on this.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Existing borrower FAQs