Rate Switch

If your existing customer is coming to the end of their deal, read on to find out how they can easily switch to a new rate.

Switching is quick and simple

If your existing Hodge customer is at the end of their deal and they’d like to change to a new deal and fix their rate, here’s how to do it. As the broker, you’re able to action a rate switch if the product is from the same product family. This means that a customer with a 50+ mortgage would need to choose another 50+ mortgage to re-fix a new rate on a new term.

It’s quick and easy to action a rate switch for your customer.

1.Notify the customer

We'll write to you 30 days before we contact your customer letting you know their options.

2. Complete the rate switch form

Complete the rate switch form for our retention team to action. You’ll need to be registered with us to do this.

3. Mortgage offer

We’ll send the mortgage offer to you and your customer. Once we’ve received this, we’ll action the rate switch and let you both know that the rate switch is complete.

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 0.25% – additional fee for you

If you’d like to switch your client’s rate why not get started today?

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.

Ready to get started?

If you're ready to initiate a rate switch, simply download the application form. You will need to be registered with us, you can easily register with us below.

Get Started Register

Frequently Asked Questions

You can apply any time during the last 3 months of their current fixed rate.

The new rate takes effect as soon as the existing rate matures. 

Rates are the same for new and 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.

No, we’d need to process that as two separate applications. For further information please call 0800 138 9109

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.

They can switch to any of our products on offer but this will only run until the end of their current term and not the full fixed/discounted period chosen.

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 call 0800 138 9109.

We’ll pay your procuration fee 14 days after the new rate takes effect. It’s based on the outstanding mortgage balance.