Switching deal

Before your existing mortgage deal ends, we will contact you with details of products you are able to switch to. Once you have told us which product you want to switch to, you can either arrange the transfer to a new product to begin immediately after the current deals ends, or pay Early Repayment Charges (ERCs) to switch to the new product straight away.

If you don’t tell us which product you want to switch to before the end date of your current deal, you will automatically move onto our Standard Variable Rate (SVR). Don’t worry, there will be other products for you to consider, however these may differ from the current range available.

When you have more than one mortgage part, we will contact you about each part that is maturing and let you know the products that are available for each one.

If you have more than one mortgage part and these each have different product end dates, then you may be offered an alternative product range for each, as they are designed and created specifically for the time your existing deal ends.

If you have more than one part to your mortgage and the products end in the same month, then you will be offered the same product range for each, so you can take one product and apply this across all applicable parts.

If you have more than one part to your mortgage and your products end in different months, then you may be offered an alternative product range for each, as they are designed and created for different points in time. However, if aligning your part end dates is your priority, you will be able to do this once all parts are on our Standard Variable Rate (SVR). This would mean that you may have a higher monthly payment than if you secured a new product before your deal ended, so you’ll need to have a think about whether if this is the right option for you.

Yes you can switch to a new product before your current deal ends, but Early Repayment Charges (ERCs) may apply.

If you choose to switch early, we will share with you what products are available. If you have a part where the product is maturing, and you also have a part that is still within deal, then you will have different product ranges to choose from for each part.

Currently £3,000 is the minimum loan size that any maturing part(s) will need to meet for you to be able to switch to a new product.

If you have more than one part of your mortgage maturing in the same month that doesn’t meet the minimum loan size of £3000, you may be able to combine the balances of each to take a new product (as long as this combined total exceeds the minimum loan amount).

If you have one part maturing where the balance is below the minimum loan amount, but your total mortgage balance exceeds the minimum, you may be eligible for a product in the future:

• For customers with part(s) on Standard Variable Rate (SVR) – If you can combine the part(s) on SVR with the maturing part below the minimum loan amount to meet the minimum loan size, you will be able to choose a new product once that part has matured.
• For customers with part(s) tied into products - If you have a part maturing with a balance below the minimum loan amount, but your total mortgage balance is over the minimum loan amount (although tied into other products), you will be able to choose a new product once other parts have matured and are on our SVR.