Your mortgage is likely to be the biggest financial commitment your will make in your life, it is important to review your mortgage regularly to make sure it is still right for you. The process of reviewing your mortgage and changing to a new mortgage product with us is known as rate switching.

When should you switch?

When your current deal ends
Most commonly our customers switch to a new mortgage product when their current one comes to an end. This will allow you to avoid reverting to our Standard Variable Rate at the end of your product term which is likely to be more costly than other products that may be available to you.

When your circumstances change
You may have experienced a change in your personal circumstances, meaning you need to look for a new mortgage product that is more suited to you. This could be anything from inheriting a lump sum or no longer having a suitable repayment plan on an interest only mortgage. Whatever the change, we’re here to help.

During your current deal 
You may want to review your mortgage before your current product ends, however, you may experience Early Repayment Charges if you switch your mortgage at this stage. Please call us on 0121 557 2551 or complete our online contact form for more information about Early Repayment Charges.

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Costs to consider

You may find that extra costs apply when switching your mortgage. These can include:

Product fees: The new mortgage product you are switching to may have some product fees associated such as arrangement fees or booking fees.

Early Repayment Charges: If you are switching your mortgage before your current mortgage product comes to an end then a charge may apply. Not all of our mortgages include Early Repayment Charges and those that do will decrease during the term of the product. 

Valuation fee: If you feel your home has increased in value and you believe you may be eligible for a lower interest rate due to a lower loan to value, we will need to carry out a mortgage valuation to determine the current value of your home. This will be charged at our normal rate, which are available on our mortgage valuation charges page. We recommend you speak to one of our Mortgage Advisers before having your home revalued so we can be sure this is in your best interests. To book an appointment please call us on 0121 557 2551, complete our online form or visit one of our branches.

Our rate switch service

We have two processes you may go through when switching your mortgage at the end of the product term, an execution only process and a full advice and recommendation process.

Execution Only

If you qualify for the Execution Only process, we will send you a letter detailing the products available to you around eight weeks before the end of your current product. If you are happy to choose which mortgage product is most suitable for you and you do not require any advice from Society you can continue on this basis without the need to speak with an Adviser. Simply choose the product you feel suits your needs best and post the signed declaration back to us in the prepaid envelope included. We will then send you two copies of your mortgage offer documentation, one copy is for you to keep and the second must be sent back to us.

Advice and recommendation

If you do not fit the criteria to qualify for the Execution only process of if you are looking to switch your mortgage before your current product term comes to an end or if you've received an Execution Only letter and are unsure which mortgage product to choose, one of our Mortgage Advisers can offer you a full advice and recommendation service.

We will send you a letter inviting you to arrange an appointment with one of our Mortgage Advisers eight weeks before the end of your current product.

There is no charge for any advice and at the end of the process they will make a recommendation on which mortgage product is most suitable for you. To make an appointment with one of our Mortgage Advisers to discuss your options, please call us 0121 557 2551, complete our online form or visit a branch to make an appointment. 

Tipton & Coseley Mortgage Adviser, Laurence Spooner