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Existing Customers - Mortgages

Steps to switching

These are the steps you'll need to take if you're thinking about switching to a new rate, including what to expect and what you'll need to apply. We've also covered the answers to the most commonly asked questions about switching on the switching FAQs page.


1. Check the rate you're currently on

  • If you're currently tied into a fixed rate you may have to pay an Early Repayment Charge (ERC) to switch to a new rate.
  • If there's less than three months to go on your existing fixed rate we'll waive any ERC if you switch to a new rate.
  • If you're on a variable rate, including our Standard Variable Rate, you can switch to a new fixed rate without any ERC.
  • If you do have an ERC consider whether you want to pay to end your current deal early. Any ERC would need to be paid up front.
  • Check the current rates available to switch to and decide if you still want to switch. You may prefer to stay on your existing rate.

2. Before you apply

  • Choose how to apply - online or by phone.
  • If there's anyone else named on the mortgage they'll need to agree to the switch and provide some information about themselves.
  • Make sure you've got any useful documents to hand, such as payslips, bank statements and details of any repayment plans (if you've got an Interest Only mortgage).

3. When you apply

  • If we're providing you with advice we'll need to ask you about your needs and circumstances, we can then recommend the most suitable option for you.
  • If you apply online you won't receive any advice from us. We'll offer you options based on the current estimated Loan to Value of your property and you'll need to make your own choice.
  • You may need to provide details of any other financial commitments, and we might use a credit reference agency to make sure you can afford the new monthly payments.
  • If any part of your mortgage is on Interest Only we'll need to check you have a suitable repayment plan in place. You are responsible for making sure you can repay any Interest Only borrowing at the end of your mortgage term, and you'll need to provide evidence of this.

4. Completing the paperwork

  • Once you've submitted your application we'll send you some important documents you'll need to sign and return to us.
  • It's important you take time to carefully read through these documents and decide the switch is right for you.

5. Completing the switch

  • We'll send you a letter confirming when your new rate will take effect, and when we'll start collecting your new monthly payment.
  • The new rate will normally take effect from the first of the month following your offer, but could take longer if you've completed your application towards the end of the month. We'll keep you informed exactly when the switch will take place.