How to Switch Mortgage Rates

➡️ Start a Rate Switch Online

➡️ Get a phone call from an Experienced Broker

Have you come to the end of a fixed rate with your existing lender?

If so, many mortgage lenders will allow you to switch to a better deal. We explain the difference between remortgaging and switching rates and how to ensure that you are eligible to switch deals.

What is the difference between a remortgage and switching rates?

A remortgage is when you want to move lender to get a better deal or make changes to your mortgage, such as borrowing additional funds. If you want to stay with your current mortgage lender, keep everything the same and lock in another fixed rate deal you don’t need to remortgage.

Switching rates with your existing lender is called a ‘Product Transfer’ because lenders call mortgages ‘products’ and you are simply transferring products with them.

What are the rules when Switching Rates?

When switching to a better deal with your existing lender you won’t be able to make any material changes to your mortgage.

In most cases you won’t be able to:

  • Borrow any additional money (unless you apply for a further advance as well which will involve income checks)
  • Add or remove parties to/from the mortgage
  • Change the overall term of the mortgage
  • Change the repayment method of the mortgage (from repayment to interest only)

If you do need to make any of the changes above then a remortgage might be more suited to your circumstances.

Am I eligible to switch rates?

To be eligible to switch deals with your existing lender you must be:

  • Up-to-date with your existing mortgage payments
  • Within 3 months of the end of your current deal
  • Already at the end of your original deal, now on the lender standard variable rate

There must not be any deterioration to your (or any other applicant’s) financial circumstances which could affect your ability to repay the mortgage.

In addition, there must be no change to how you use the property. For example, if you originally purchased your property to be your main residence, you must not have let the property out or have obtained ‘Consent to Let’. Likewise, if you originally purchased the property as a buy to let, you now must not be living in the property.

What are the benefits of switching mortgage deals with your existing lender?

1. Faster than a Remortgage

On average, most remortgage cases take around 30-60 days to complete, but switching rates with your existing lender can be arranged in time for your next monthly payment.

2. No Valuation Fees or Legal Fees

All remortgages require a new property valuation (which sometimes involves a physical inspection) and the use of a solicitor. This means that there can be additional fees to pay and a lot of waiting around. With a product switch you avoid having to deal with a solicitor and avoid having to obtain a new property valuation or survey.

3. No Affordability or Income Checks

With most lenders there are no affordability or income checks. As long as your circumstances remain the same, lenders won’t ask to see your payslips or bank statements. There is also little or no underwriting required, underwriting is when a lender conducts a further assessment on you to determine whether they can proceed.

How do I switch deals?

➡️ Start a Rate Switch Online

You can either contact the lender yourself by phone and arrange an appointment, or if you don’t have the time to wait for an appointment, we can do it for you without the hassle on the same day free of charge. In some cases, we get access to exclusive deals. So it’s always best to check with us first before going directly to your lender. We switch all of our customers free of charge! No broker fee.


Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)

➡️ Live Chat with an Experienced Broker

Published: 27th February 2020

Last Updated: 01/10/2022