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Switcher application form
To start the process of switching your mortgage on to a new deal on an Execution Only basis, please read and complete the following details:
Section 1
Mortgage Account Number
Please note that the product you select will be applied to all loans linked to this mortgage account number.
Section 2
Please indicate the mortgage product you’d like to switch to by ticking one of the boxes below. Subject to eligibility we will send you a
mortgage offer which will contain all the information about your selection, including your new monthly payment. If you’re happy with the offer,
sign and return the Product Switch Acceptance Form to us. The interest rate will be based on the product available to you in relation to your
current estimated LTV. Full details of these rates can be found in the Product Guide.
2 Year Fixed Rate 5 Year Fixed Rate Lifetime Variable Rate
Section 3
Some products include an early repayment charge (ERC). Details of the ERCs and the Managed Rate applicable to your new product are
included in the Product Guide and will also be provided as part of your mortgage offer.
Your current mortgage may have the option to borrow back any overpayments that you’ve made. Our new products no longer have this option
so if you switch to a new deal you’ll no longer have access to this feature. By signing Section 4 of this application form, you’re confirming
acceptance of this.
Please read carefully as the following information may be applicable to your mortgage:
As part of our commitment to continually improve, and in order to proceed with your application, we will need to make some changes to the
way interest is calculated if your mortgage interest is currently calculated daily.
The key difference between your current terms and the new terms is the way in which interest is calculated, when payments are received (or
fees applied). Currently when payments are received (or fees applied), the balance for calculating interest reduces (or increases) by the
amount of the payment (or fee) on that day, with an adjustment being made to the interest charged for the rest of the month. From the date
of the transfer, we will no longer apply an interest adjustment when we receive a payment (or apply a fee). We will calculate interest for the
following month on the new balance.
Your existing Mortgage Conditions will, subject to the above changes, continue to govern your mortgage from the date that we transfer the
part or parts of the mortgage that are switching onto a new product. Should you have any concerns about the impact of these changes we
suggest you obtain independent legal advice. To proceed with the product switch, all borrowers must consent to these changes.
Where all or part of your mortgage is on an interest only basis, you’re only paying off the interest owed and not reducing the amount you
borrowed on interest only. It’s important you have plans in place to repay the amount you borrowed on interest only at the end of the
mortgage term.
