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.
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.
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.
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 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. For more information on additional borrowing, please see www.hodgebank.co.uk/intermediaries/mortgages/additional-borrowing/
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 see www.hodgebank.co.uk/intermediaries/term-extension/
We’ll pay your procuration fee 14 days after the new rate takes effect. It’s based on the outstanding mortgage balance.
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.
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.