Switching mortgage deals explained

What are the benefits of switching my deal online?

No valuation is required
When you are switching your existing mortgage to a new deal we do not require a new valuation. We will use the last valuation we have for your home.
If you think your house value has changed you may want to instruct a new valuation.
If you do want to discuss your valuation you can do so by speaking with a mortgage adviser on 0800 056 0567.

No credit score or legal fees
As you are an existing customer you do not have to go through an application process or credit reference searches. There are also no legal fees. If you re-mortgage to another lender you may need to go through this process.

Choose your method of paperwork delivery
Details of your new mortgage deal will be sent to you once you have completed the online switching application. You can choose to have these documents sent to you by email or through the post.

If you choose to receive this information by email you will receive your documents in PDF format. You can then print off or save for your own records. If you are happy with your new rate, then call us to accept your deal over the phone or return the paperwork in the post.

Timescales
You must accept your deal within 14 days and this date will be advised to you in the documentation you receive. This will ensure you secure the deal you have requested. Our products can change from time to time and if the acceptance of your deal is after this time period we may not be able to honour the product you originally requested.

Product fee
A product fee is part of the price for the product. This will only be taken once you have confirmed acceptance of the new deal, either by accepting the deal by phone or by returning your paperwork by post. At this point the fee becomes non refundable.

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Do you need to speak to a mortgage adviser?

There are many ways in which your circumstances can change throughout the term of your mortgage and we are here to make sure that we can help you manage this.
Below are some examples of how you may wish to change your mortgage.

Overpayment - You may want to pay a lump sum in to your mortgage before you switch to a new deal. This could reduce your Loan to Value (LTV) and make you eligible for products in a lower LTV band, meaning you would be able to secure a lower interest rate.
You can also overpay 10% of your mortgage balance each year to your mortgage. This will reduce the amount of interest you pay.
If you are in a position that you would like to overpay on a regular basis you may want to discuss our Offset Flexible Mortgage with a mortgage adviser.

Additional Borrowing - As part of a product switch you can take Additional Borrowing at the same interest rate as the new deal. You will only pay one fee for securing the new deal on both parts of your mortgage. Additional Borrowing cannot be requested online and if you would like to discuss your options please call a mortgage adviser on 0800 056 0567 or pop in to your local branch.

Moving home - You may be thinking about moving home and switching to a new mortgage deal. Our products are portable, and no Early Repayment Charge (ERC) is applicable, if you have the same borrowing amount or more. To port your mortgage you will need to have a valuation for the new property, remain on the same Loan to Value, meet our credit criteria and port within three months of this.

If you do need to change your mortgage details before you switch to a new deal this is an important decision, and you may need to speak with one of our mortgage advisers. You can do this by calling 0800 056 0567.

Are you already in a deal and would pay an Early Repayment Charge to break the deal?
If you are in a deal, not rolling off in the next three months, and wish to break the deal as your circumstances have changed, you need to speak to one of our mortgage advisers. In this circumstance you are not eligible to use the online switching application.

Do you prefer discussing your mortgage options with a mortgage adviser?
If you would rather speak to someone before you commit to a new mortgage deal then you should call 0800 056 0567 or visit your local branch to speak to a Personal Mortgage Adviser.

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Do you have more than one part to your mortgage?

Explaining Multiple Part Mortgage
If you have a mortgage made up of capital and interest or interest only, or you have taken additional borrowing since you first took your mortgage with us, then you will have a multiple part mortgage.

With a multiple part mortgage not all parts may be on the same deal. They may be on different terms, different repayment methods and / or different product types, depending on how you have set your mortgage up.

If you are eligible to switch deals on one or more parts of your mortgage and not on other parts, you may find it useful to discuss your options with a mortgage adviser. It is important you are aware of all your options so that you can make an informed decision. You can speak to one of our advisers by calling 0800 056 0567 or visiting your local branch to speak to a Personal Mortgage Adviser.

Whichever option is best for you there is only one product fee payable, whichever is the highest.

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Other helpful information

Which products are available to select in the online switching application?
Fixed and Tracker - The rates available to you are dependant on your LTV and you may be able to select from a selection of Fixed and Tracker Rates. You may at times be shown more than one choice of a particular product (for example 2 year fixed rate) and you should always ensure you choose the product which is best for you. If you would like to discuss your options then please speak with one of our mortgage advisers.

Offset Flexible Mortgage - You will not be able to select our Offset Flexible Mortgage product from the online application. We recommend you speak to a mortgage adviser to discuss this product and ensure you are aware of all the benefits and features before you switch.

Tracker Products - If you have had a Tracker product for more than three months and are not within three months of your deal finishing, you can utilise your Track and Switch feature and switch to a Fixed Rate. You will be shown Fixed Rate products for your LTV.
If you are on a Tracker product and due to roll off within three months you will be shown both Fixed Rate and Tracker rates that you are eligible to switch to.

Buy to Let - If you have a Buy to Let mortgage you will be shown a selection of Buy to Let products.

Product Eligibility

Do you use your RBS bank account for your main banking?
If you use your RBS bank account for your main banking, you can choose from an additional selection of products with preferential features.

We qualify you as a customer who uses their RBS account for their main banking if you meet the following criteria.

• More than £1,000 credit being paid to your RBS account each month
• You have two or more active direct debits or standing orders taken from your account each month
• And you have two or more customer initiated transactions on your account each month (these could be debit card transactions, ATM usage or cheques)

You may be eligible for other preferential deals if you pay a monthly fee for your current account or you hold a Private or Business relationship with RBS.

Other preferential deals
You may be eligible for other preferential deals if you pay a monthly fee for your current account or you hold a Private or Business relationship with RBS.

Do you have a joint, Guarantor or multiple person mortgage?
If you do then you should make sure that you speak to all parties on the mortgage before choosing to switch to a new deal. Once you have selected a new deal through the online switching application you will be sent the deal documentation. This must be reviewed and accepted by all parties on the mortgage.

Circumstances changed?
If you select a deal within the online switching application, and then receive the documentation and your circumstances have changed, please call us to discuss your options. You can change your mind about which deal you would like until you have accepted your new deal verbally or by returning paperwork through the post.

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