A guide to switching your mortgage deal

Everything you need to know about switching your existing mortgage deal

What is switching?

In mortgage terms, switching is simply swapping your existing mortgage deal to another, usually with the same lender. Changing mortgage lender, is known as remortgaging.

Switching is straightforward if you aren’t making any other changes to your mortgage, or borrowing any more money, as you won’t need to provide any further information on your income or outgoings.

When you keep your mortgage with The Cambridge, there is no application fee for any deal you switch to, however there may be other fees which our Mortgage Advisers will be happy to explain. 

 

Can I switch to a new deal?

Yes – if you have a mortgage with no early repayment charges, such as our Standard and Buy to Let Variable rate mortgages, you can switch at any time.

Or, if your current deal is ending soon, you can get a new deal 90 days before the existing one finishes. We’ll be in touch around this time to explain your options and what will happen if you don't switch.

If you want to switch to a new mortgage deal more than 90 days before your current deal ends, you may need to pay an early repayment charge (ERC). Check your latest mortgage statement for details.

If your account has multiple parts, they may end at different times. This information can also be found in your mortgage statement or you can call the team on 0345 601 3344 to check.

 

When can I switch to a new deal?

All our switches start on the 1st of the month. 

Using a Mortgage Adviser to switch?

To switch your mortgage deal with one of our Mortgage Advisers or a Mortgage Intermediary, we'll need your signed approval by the 10th of the month. This way, we can make the change for you on the 1st of the next month. For example, for a 1st January switch, we need your approval paperwork by 10th December.

If you’re waiting for your current deal to end, you can switch on the 1st of the month that the deal finishes, or the next month. You’ll need to consider how a new interest rate will change your payments and the date in the month your deal ends.

 

How can I switch to a new deal?

Online: You can switch online if your existing deal is coming to an end within the next 90 days. You'll receive an email or letter reminding you of your upcoming maturity and your options.

Find out more on how to switch your mortgage deal online. If you start to apply online but decide you need some help, you can book an appointment with one of our Mortgage Advisers.

Book an appointment: If you’d like help understanding your options and to find the right mortgage for you, book an appointment with one of our Mortgage Advisers or call us on 0345 601 3344.

Talk to your Mortgage Intermediary: If you arranged your mortgage through a Mortgage Intermediary, you might want to discuss your options with them.

 

What happens when I switch?

When you apply through one of our Mortgage Advisers, we’ll give you a European Standardised Information Sheet (ESIS) that outlines the proposed changes and your new monthly payments. Remember all mortgage holders will need to agree to any changes.

We’ll confirm the date of your switch once we have all the information and documentation in place. We’ll then send you confirmation of the changes to your mortgage which you should read carefully.

If you're switching online, all the information you need is here.

 

What mortgage deals are available to me?

The mortgage deals available are based on the estimated value of your property and the outstanding mortgage balance, known as Loan to Value (LTV).

The choice of mortgages available to you is based on an estimated valuation of your property, using the House Price Index (HPI), unless a physical valuation has been completed in the last 90 days. 

If you believe that the value of your property has increased, and the LTV is now lower, you may want to consider a re-valuation. You’ll discuss this with one of our Mortgage Advisers, and if you wish to proceed with a re-valuation. There will be fee for this.

Check out our current mortgage deals. There are no application fees for existing mortgage customers switching to a new mortgage deal.

Take a look at our current mortgage deals

 

Important things to consider

• There may be fees for switching to a new deal. If you plan to add any fees to your mortgage, interest will be charged on this from the day we process your request.
• Check if your new mortgage deal has different features to your current one – you could lose features such as payment holidays and borrow back options.
• If you make any overpayments to your mortgage, or redeem your mortgage within the term of the new deal there could be early repayment charges, depending on the chosen mortgage deal.
• The mortgage deals displayed to you are offered subject to your acceptance of the Mortgage Terms and Conditions.
• If you’re currently on our Variable Home Loan Rate this is guaranteed to be no more than 2% above the Bank of England Base Rate. If you switch from this to a new deal you’ll be unable to switch back at a later date.

 

Where can I get further information?

You can use our mortgage selector to see which deals are available to you. You’ll need to enter your outstanding mortgage balance and the latest confirmed valuation figure we hold.

Our Mortgage Team are happy to answer any questions you may have. Simply book an appointment or call us on 0345 601 3344 and we can arrange for you to speak to one of our advisers.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE