Product switches and contract variations.
FOR EXISTING BORROWER CLIENTS
We’re here to help.
How it works
You’ll need an active registration on our panel to complete a product switch for your client. If you are not currently registered with us, we’ll contact you to arrange this upon receipt of your switch request.
- Once you’ve decided on the product, please complete the product switch request form below. You’ll also need to confirm whether your client would like the switch effective as soon as possible, or upon expiry of their current product.
- We’ll provide your client with a third party authority form to digitally sign, providing you authority to act on their account.
- Once we’ve received the form, we’ll provide you with an ESIS/offer for the chosen product.
- If your client would like to proceed with your recommendation, simply sign the broker declaration within the offer document and this will be sent on automatically for your customer to sign.
- Once your client has signed the offer document, it will be returned to us to process the required change.
- You and your client will receive confirmation that the signed offer has been received, and the switch processed. If your client wishes to pay the fee/s upfront we’ll contact them to collect these directly.
- 10 working days prior to the date the switch becomes effective, the customer will receive written confirmation confirming their new monthly mortgage payments.
Our product switches take effect from the 1st of the month, however it takes some time for this to be set up, so you’ll need to submit your client’s offer and ensure any fees due are paid by the 15th of the month prior to the month they would like to switch. For example, if you’d like your client’s switch to take effect on 1 January, we’d need to receive their signed offer and their fees would need to be paid by 15 December.
We are signatories of the new Mortgage Charter. This allows your client to either lock in a new product with us or change their mind. They can do this as many times as they like, up to the 15th of the month before their new product is due to start. Each switch will be subject to the usual product switch fee.
Your questions answered.
The rate guide will confirm whether the product your client is switching to is portable. To port the product a full new application will need to be placed with the Society for a new mortgage, therefore the ability to port is not guaranteed as it will be dependent upon the eligibility of the client at the time.
If your clients have returned their product switch offer and you now want to recommend an alternative product you can do this anytime up to the 15th of the month prior to their switch becoming effective. For example, if they would like to switch on 1 January, you have up to 15 December to make a change.
There are some things to bear in mind with this.
- Your clients will need to pay the product switch fee again for the new product.
- Your clients would need to return your new offer and pay the additional fees by 15th of the month prior to your switch becoming effective.
In the above example, we’d need to receive a new product switch request and new signed accepted offer, with the additional fees paid by 15 December.
To obtain an ESIS for a product switch or other contract variation you’ll need to complete and submit the product switch/contract variation ESIS request form with your clients authority. The offer/ESIS will then be provided to you from our Mortgage Sales Team, usually within three working days.
Existing borrowers may be able to switch to a new product with us up to three months prior to the current product expiring without any Early Repayment Charge being incurred. We’ll let them know once they are eligible to do this. If they wish to remortgage with another provider, any Early Repayment Charges will be payable until the product expiry date.
If an existing borrower wants to switch product earlier than three months before their product expiry, any Early Repayment Charges will be payable.
- Borrowers switching earlier than 3 months who are already on one of our loyalty rate products will be able to take a new product from our current loyalty range.
- Borrowers switching earlier than 3 months who are a currently on one of our new lending products, need to take a new product from our current new lending range. The product switch fee and product completion fee will both need to be paid in this instance, however, the Valuation and CHAPS fees will not be relevant.
- Borrowers who are on a lifetime rate are not able to complete a switch to an alternative product with the Society.
Please contact us on 0330 123 1073 to discuss your requirements, and we will guide you through the process.
Overpayments can be made by cheque, by phone, or via an online bank transfer. We’re unable to accept overpayments via a broker, so your client would need to contact our mortgage administration team on 0330 123 0723.
Note: Interest is paid daily.
If your clients are paying over £2,000 as a lump sum, they can opt to amend their monthly payments, or the mortgage term. Please make sure your customer advises us of their preference.
Unfortunately we don’t currently pay retention proc fees.
This is something we are reviewing internally and will update you of any changes.
Need to talk?
Nothing beats a proper conversation, so when you’re ready to talk we’d love to hear from you.
Get in touch with our friendly and knowledgeable team.
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Call 0330 123 1073