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 avoid you reverting to our Standard Variable Rate or Buy to Let Variable Rate at the end of your product period 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 521 4088 or complete our online contact form for more information about Early Repayment Charges.
Costs to consider
You may find that extra costs apply when switching your mortgage. These can include:
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.
If you feel your home has increased in value and you believe you may be eligible for lower loan to value products, we will need to carry out a mortgage revaluation to determine the current value of your home. A revaluation fee of £80 is payable on instruction and is non-refundable. 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 521 4088, 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.
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 the 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.
By proceeding on this basis, the Society is not assessing the suitability of the mortgage product and will not be responsible for your product selection.
Advice and recommendation
If you do not fit the criteria to qualify for the Execution Only process, 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, our Mortgage Advisers can offer you a full advice and recommendation service.
There is no charge for any advice. Our Mortgage Advisers will review your mortgage in full and 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 521 4088, complete our online form or visit a branch to make an appointment.
How to Switch Your Rate
It’s quick and easy to go through the rate switch process. Please see our step by step guides below.
If you qualify for an Execution Only rate switch, you will receive a letter from us in the post detailing your rate switch product options.
Step 1: Review your letter and select a product you would like to rate switch to. Let us know which product you would like to proceed with. There are 4 simple ways to contact us:
- Complete the online rate switch form;
- Email email@example.com;
- Call us on 0121 521 4088; or
- Post your completed form using the prepaid envelope provided.
Step 2: We’ll send you two copies of your mortgage rate switch offer documentation. One must be signed and returned and the other is for you to keep.
On receipt of your signed paperwork, we’ll process your rate switch accordingly and send you a letter to confirm your new monthly repayment.
We must receive your signed paperwork at least 10 days prior to maturity to guarantee your new product is in place on maturity of your existing product. Documents can be returned after this date but may not allow sufficient time to process your rate switch request and your account may revert to our Standard Variable Rate or Buy to Let Variable Rate and your payment adjusted accordingly in the interim.
Advice and recommendation
You will receive a letter asking you to make an appointment with one of our Mortgage Advisers. Please call us on 0121 521 4088, or use our online contact form to make an appointment.
During your appointment your Mortgage Adviser will discuss all the options available to you and make a personalised recommendation.
Your Mortgage Adviser will send you an application form, a suitability letter, an acceptance of rate switch offer along with a European Standardised Information Sheet (ESIS). You will need to sign and return the application form, suitability letter and offer document using the prepaid envelope provided.
These documents must be returned to us at least 10 days prior to your maturity date to ensure there is sufficient time to process your rate switch before your existing product matures. Documents can be returned after this date but may not allow sufficient time to process your rate switch request and your account may revert to our Standard Variable Rate or Buy to Let Variable Rate and your payment adjusted accordingly in the interim.
Once in receipt of your signed paperwork we’ll send you a final letter to confirm your new monthly repayment.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.