Switching is quick and simple
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Notify the customer
We’ll write to you 120 days before the customer's rate expires, then we'll write to the customer between 90 and 60 days before their rate expires. Please note if you require an illustration, this can be obtained via your sourcing platform.
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Mortgage offer
We’ll send the rate switch offer to you and your customer for review. The new rate will apply automatically when the current deal ends. Your customer can cancel within 7 days of the offer being issued.
Ready to get started?
If you’re ready to initiate a rate switch, simply fill out the online application form. You will need to be registered with us, you can easily register with us below.
Benefits for you and your customer
- No valuation needed – speeding up the process
- No legal fees – saving time and money
- No credit checks – no unnecessary waiting
- No supporting documentation – saving time on admin
- Procuration fee 0.30% - additional fee for you, with a minimum payment of £225 per case and a minimum of £300 for Retirement Mortgages
Changing to a different product family
If your customer wants to change their mortgage to a different product family, such as a Retirement mortgage to a Retirement Interest Only (RIO) mortgage, we’d treat that as a new application. Your customers’ terms and conditions would change with their new product family and we’d re-underwrite the case. We’d also do a new a credit check and could need new supporting documents and we’d ask you to submit it as a new application. For further information on this please call 0800 138 9109.
Find out more
Learn more about switching rates.
No. Customers do not need a full 24 months remaining on their mortgage to switch to a 2-year fixed rate. The fixed rate will apply only until the existing mortgage end date, as mortgage products cannot extend beyond the mortgage term. Hodge does not currently offer fixed-rate products shorter than 2 years.
Your client will then have a 7-day reflection period from the date the offer is issued, during which they can change their mind before the new rate is applied.
No. Once your client selects a new product, we’ll issue their mortgage offer based on the chosen rate. No signature or further action is needed to accept the offer. Your client will then have a 7-day reflection period from the date the offer is issued, during which they can change their mind before the new rate is applied.
You can request an Automatic Valuation Model to check whether your client may be eligible for products in a different Loan-To-Value product range. Please email [email protected] with your request.
The offer will be sent in the month before maturity
Even if a signed offer has been returned, customers can still take advantage of any rate decreases before their rate switch deadline by requesting a new offer document from us on the lower rate. Once the deadline has passed, the customer won’t be able to get the lower rate.
The rate is secured on receipt of the application. An offer document will be valid for 3 months and if the customer does not return this within that time, a new offer document will need to be produced and the rate may no longer be available.
We’ll pay your procuration fee 14 days after the new rate takes effect. It’s based on the outstanding mortgage balance.
To extend your customers’ term, we’ll need updated information on their circumstances and potentially new supporting documents. The rate switch will take place after the term extension is agreed. For more information please click here.
They can but it would be a new product family so your customer would have to submit a new application. We’d underwrite this and fees may apply.
The additional borrowing would need to be applied for separately to the rate switch, and we will assess the additional borrowing first to make sure this goes ahead before the customer locks into a new fixed rate.
We offer specific retention rates to existing customers. If there’s a product fee with the product chosen, your customer can either pay it upfront or add it to their mortgage. You can view our current rates by clicking the ‘rates’ tab at the top of the page.
The new rate takes effect as soon as the existing rate matures.
You can apply any time during the last 120 days of their existing rate.