Switch your mortgage deal

To make things simpler, when you switch rates online, we only need one of you to do this.

How does it work?

• Decide between yourselves which one of you will switch the rate. We’ll take this to mean that you have given your other borrower permission to switch for you.
• The borrower who has permission begins the rate switch. As part of this, they’ll confirm to us that they have your permission to switch rates.
• We’ll keep you both informed throughout and make sure both of you receive information on your new rate before you go ahead.
• The borrower who has permission can then accept the rate switch offer for both of you.

Let us know immediately if you don’t want your joint borrower to switch for you, by calling us on 0800 169 6333.

What other options do I have to switch rates?

If you’d prefer to do the rate switch with your joint borrower, you can do this over the phone with one of our mortgage specialists, we will be happy to help on 0800 169 6333.

We use the House Price Index (HPI) to value your property, instead of valuing it manually. This allows us to use the movement of house prices in your region to estimate its current value.

If you’re coming to the end of your mortgage’s fixed-term rate and you've received a letter from us, the HPI valuation will be included in your letter.

Yes, but if you want to change the term of your mortgage at the same time as getting a new deal, you will need to complete a new mortgage application.

You can either do this online or by arranging a call with one of our advisers.

If you're planning to move home and want to take your existing mortgage with you, you can apply to keep your current deal until it expires. 

If you need to increase your borrowing to buy your new home, any additional funds will need to be taken on a new deal and you’ll need to complete a new application. This can be done online or with one of our mortgage advisers. As this will be a credit scored application, you may need to provide supporting documents.

If you’re reducing your borrowing and currently have a fixed rate, an early repayment charge may be payable.

You can find your mortgage account number on your mortgage statement or offer. Or, log on to your online banking and go to 'My Accounts'. 

In most cases, you won’t need to provide any documents to switch your rate.

If you'd like any advice before switching from our specialist mortgage team, we may ask for extra documents to make sure we can give you appropriate advice. We’ll let you know if we need anything from you.

Yes, you can change your mind during the switching process up until your new rate takes effect.

After this time, you’ll be bound by the terms and conditions of your new mortgage, which may include early repayment charges if you decide to transfer to a different mortgage rate.

Your Loan to Value (LTV) is the size of your mortgage loan relative to the property’s value, as a percentage. For example, if you have a mortgage of £75,000 on a house that’s worth £100,000, you'll have a LTV of 75%.

It’s good to know your Loan to Value as it lets you see which rates are available to you.

If you have more than one mortgage loan on the same property, you’ll need to add up the sums outstanding on all of your loans to work out your LTV.

If your Loan to Value is above 90%, you’ll need to call our mortgage team on 0800 169 6333 to help you switch to a new deal.