Switching Mortgage Deals Online - How to
Can I switch my customer’s mortgage deal online?
If you have a customer with a mortgage deal coming to an end, you may be able to switch them to a new mortgage deal online.
Our online switching tool is available for mortgages where the current deal is maturing within the next 90 days.
If your customers mortgage falls into one of the below categories, you’ll need to follow the existing switching process.
- Shared Ownership that has more than one part
- Consumer Buy to Let
- Retirement Interest Only
- Where the mortgage has more than 10 parts
- Where there is less than 2 years left on the term or the mortgage is in arrears
- Where the LTV is over 90%
- If there is more than 120 days left on their current deal
Please note: the above is not a definitive list. Should you submit a mortgage switch through the online switching tool for any of the above accounts, this may be cancelled, and a paper application will need to be completed, at least 14 days prior to your customers payment date. If your customer is looking to make any others changes to their mortgage, such as borrowing more money or changing the mortgage term, you will need to contact the Business Development Team, as you will be unable to complete these additional changes using the online switching tool.
Contact the team on 0345 601 2744 if you receive a notification that says the account is not suitable, so we can discuss your options.
How to switch online
Before you start, please note that you can switch your customer's mortgage deal online up to 90 days before their existing deal ends without them incurring an early repayment charge. All our switches take effect on the 1st of the month.
You will need to log into your online intermediary portal and select the ‘Product Switch’ option along the navigation bar.
1. To get started and to confirm your customer’s eligibility to switch online, you’ll just need to enter their:
- mortgage account number
- surname
- date of birth
- mortgage property post code
2. Follow the steps on screen where you'll see a list of mortgage deals that are available.
3. Once you’ve confirmed the new mortgage deal, you can continue to the mortgage offer. The offer will generate automatically based on the next available switch date, and the information displayed will reflect the projected balance and term of the loan as at this switch date. You can then download the offer.
4. Click submit and you're all done, it's that simple.
What next?
We’ll make sure the switch takes place and your customer will receive a letter confirming the changes in the post within 5 working days.
We'll pay your procuration fee within 30 days of the switch completing.
If your customer would like to make a change to their product, the date of the switch or even cancel their product switch request, we need to have confirmation of this at least 14 days prior to the switch date. The switch date is the 1st of the month, and not the date of their payment.