Rate Switch

Any of our remortgage products marked with a BR on the Mortgage Bulletin which meet LTV requirements are available for rate switch. Please note, if the mortgage account has not been well conducted for at least the last 2 years, a rate switch is very unlikely to be considered.

Important Information

Rate switches will only be allowed where existing product terms have expired or the product is within three months of maturity.

Next Steps

In order to proceed, please email the following: 

1) a letter of authority signed by the borrower confirming that they are happy for us to release details of their mortgage account to you

2) confirmation of the names of the borrowers, the account number, the product required and that you have provided advice and recommendation

Additional Information

  • You may include a request to change from interest-only to repayment, or to extend the term, in the rate switch email, but you must include a comprehensive explanation of why the change is being requested and the benefits to the borrower.
  • Each rate switch submission is checked and individually approved. Paperwork will be issued direct to the Applicant, with a copy to you, once approval has been given.
  • You will receive a copy of the rate switch paperwork.
  • You will receive a procuration fee of 0.30% of the mortgage balance on all residential owner-occupied and BTL rate switch cases, up to a maximum of £1,500. The fee will be paid in the month following the application of the rate switch.
  • Payable to authorised Introducers. All Brokers who wish to deal with a rate switch need to be registered with the Society. If you are not registered, please click here.
  • Applies to rate switches for existing mortgage borrowers where the Introducer has given advice on a new product.
  • Where you arrange a rate switch for one part of a multi-part mortgage account, the procuration fee is calculated on the relevant part only.