How to Introduce a Rate Switch

Please note that we only accept introduced rate switches/product transfers within 4 months of a customer’s existing deal ending.

The Society writes to our borrower(s) up to 4 months before their rate is due to expire to ensure they have sight of our latest products. Once a product has been selected through the borrower(s) chosen channel, the channel cannot be amended for the same product. To secure the rate, the borrower(s) must return the signed acceptance form to us within 14 days.

To introduce a rate switch you must be registered with us.

Step 1: Register to be a broker with us

If you aren’t currently registered with us, your first step to submit a Rate Switch is by registering.

Register

Step 2: If you require account information

If you require account information before you can recommend a new product, please submit a Customer Account Information Request.

If your firm introduced the mortgage to us originally we do not need the customer(s) signature(s) and you can submit an online Information Request form here.

If the customer has not used your firm’s advice services previously the customer(s) signature(s) is required. Please download our Information Request form here. Once completed, please email the form to our Business Development team at brokers@monbs.com.

Our Business Development team will confirm receipt and provide the information requested.

Step 3: To request a Rate Switch 

If your firm introduced the mortgage to us originally, we do not need the customer(s) signature(s) and you can submit an online Rate Switch form request here.

If the customer has not used your firm’s advice services previously the customer(s) signature(s) is required, so please download our Rate Switch form here. Once completed, please securely email the form to our Business Development team at brokers@monbs.com

If a further advance is required please support the Rate Switch request with the relevant mortgage application form. If a mid-term amendment is required please refer to the mid-term amendment form. All of the relevant forms can be found here. Once completed please email the form to our Business Development team at brokers@monbs.com

Our Business Development team will confirm receipt of your request and ask our Mortgage services team to prepare the ESIS and paperwork and post directly to the customer. We will send you a copy via encrypted email.

Step 4: Ensure the customer signs their copy of the paper work and returns it to us within 14 days

We will then either apply the new rate:

  • On the first working day after their existing deal expires, or;
  • Upon receipt of signed paperwork if their existing deal has no Early Repayment Charges or if they are on our Standard Variable Rate.