Rate switch to save
By switching to a new rate at the end of their fixed term, your customer gets the best rate available and won’t move on to our standard variable rate (SVR). No underwriting required, just complete the Intermediary Rate Switch request form.
There are no legal or valuation fees for your customer to pay – just the product fee. You’ll earn a procurement fee of 0.25% of the mortgage balance.
A rate switch with us simply means switching mortgages in the same product family once the fixed term rate comes to an end. A customer with a 50+ Residential Interest Only mortgage would do this by choosing another 50+ Residential Interest Only mortgage and fixing the rate for a new term.
If your customer wants to change their mortgage to a different product family, such as a Retirement Interest Only (RIO) or Retirement mortgage, we’d treat that as a new application. Your customers’ terms and conditions would change with the new product family selected and we’d re-underwrite the case. This will be along with a credit check and potentially new supporting documents.
To complete a rate switch for your customer you just need to complete the Intermediary Rate Switch Request form which you can find here.
Frequently Asked Questions
When can my customer change their rate?
Any time during the last 3 months of their current fixed rate.
What rates are available?
You can find all available rates here Rates are the same for new and existing customers.
When will the new rate take effect?
The new rate will take effect as soon as the existing rate matures.
Can my customer apply for additional borrowing with a rate switch?
No, we’d need to process that as two separate applications.
If my customer has a 50+ mortgage can they rate switch to a RIO?
They can but this would be a new product family so your customer would have to submit a new application.