Frequently Asked Questions – Rate Switch

40/50123456-7 (after the dash can be 0 through to 9) 
Remove the dash and slash (- and /) 
Add in a ‘0’ before the last number 
Add Double ‘0’ after the last number ~ which then gives you 40501234560700 

40/50123456-07 (after the dash can be 00 through to 09) 
Remove the dash and slash (- and /) 
Add Double ‘0’ after the last number ~ which then gives you 40501234560700 

40/50123456-10 (after the dash will only be 10) 
Remove the dash and slash (- and /) 
Add Double ‘0’ after the last number ~ which then gives you 40501234561000 

The primary mortgage account number is a 14 digit number that can be found on any post-completion correspondence, including their first payment letter and their annual statement. 

If you are the original broker of this application and only have the Case ID number starting with "M“, please call our Technical Support Team via your regional case management team (option 1). They will be able to provide you with the account number. 

​This means it is too early to start a Rate Switch.

​Yes, a Rate Switch application must match the existing mortgage details. If the applicant wants to use their married name on the new application, the applicant should contact us on 0345 835 3380 and follow the change of name process. 

Unfortunately we can not backdate payments so you should choose the next future available date.

No. If the applicant wants to change their term or repayment type, they will need to do this direct with one of our Mortgage Advisers. 

Yes, sale of the security property can be used as a repayment vehicle. Rate Switch applications will not be subject to any criteria checks.

In Mortgage Pro select ‘sale of the security property’ as the repayment vehicle.

When completing the Interest only declaration, select ‘Other’ as the repayment vehicle, and capture sale of the security property under ‘please provide more detail’.

If the applicant is on a Mortgage Charter temporary interest only agreement (TIO) you may be able to apply for a rate switch. The application will be blocked on TSB Mortgage Pro, please contact your BDM/TBDM team for support.

Documentation

Please advise your applicant that:

• Any application, including the mortgage illustration, offer and first payment letter will be based on a repayment mortgage whilst the applicant is within the Temporary Interest Only period.
• They will receive a separate letter on completion of the application which will reflect the Temporary Interest Only changes.

If a Rate Switch does not offer and complete within 90 days of being created then the application will need to be rekeyed and a new rate will need to be chosen.

The Rate Switch will not take effect until the required documents are uploaded.

If you create, submit a case, and upload the required documents before the deadline (7 days before month end), then the new rate will take effect from the start of the selected month.  

7 working days is required to change a direct debit payment amount. If a payment is between the 1st and 7th of the month and all necessary documentations have been received and confirmed as satisfactory after the cut-off date (7 days before the end of the month) the direct debit will be claimed at the old amount. However, the first payment letter will confirm the account will have been changed.

If you miss the deadline (7 days before month end), then the new rate will take effect from the month after next. E.g. if documents submitted 26 January, the new rate will start on the 1 March.

Where the applicant wants to switch before their current product end date, the Rate Switch application can be created up to three months before the current product expires. 

Where the applicant is eligible for pre-booking, there will be the option to select one  of two start dates. The start dates available will depend on:

• The existing product type e.g., tracker or fixed
• The date of the application e.g., before or after the application deadline.*

Where the existing product is a tracker rate with no ERCs the options will be the 1st of the following two months.*

*The new product will become effective on the 1st of the month selected. If this date is for the following month, the application must be completed at least 7 days before the end of the month. Otherwise, the new product will not become effective until the 1^st of the month after.

If we receive multiple applications for the same applicants that are also switching the same sub account(s), we can cancel any previous applications to allow the most recent application to proceed, subject to the request being received on or before the cancellation cut off date.

If the declarations have already been submitted and the customer wishes to cancel the Rate Switch before the 14 day cancellation cut off date then contact your Regional Team to cancel the application.

If the customer wishes to cancel the Rate Switch after the 14 day cancellation cut off date please refer to ‘When can a rate switch be cancelled’ for more information.

If the applicant has multiple sub accounts with different product expiry dates in the next 3 months or a mix of products with and without early repayment charges, you may have to submit a separate application for each one. Please contact your Business Development manager or call us via your regional case management team (option 3) if you have any questions.

A rate switch application can be cancelled up to 14 calendar days before the end of the month prior to the new product taking effect. By cancelling an application, when the current rate ends, the mortgage account will revert to your customers current product’s reversionary rate.

Where the rate switch application is cancelled after the 14 day cancellation cut off date, early repayment charges or fees may apply.

If a subsequent application on the same sub account is submitted after the cancellation cut off date and the previous application has not been canceled in time then early repayment charges from the original application will apply, where applicable.

Your Offer letter reflects the ESIS you provided to your customer and is correct at that date. But don’t worry, we will write to your customer the month before their new payments come into effect and this will have their up to date mortgage balance and reduced term.

A new Rate Switch application can be created two months after the Additional Borrowing application has completed and two monthly payments have been made.

Example:

The Additional Borrowing application completes and funds released on 20th May. The applicant makes their mortgage payment on the 10th of the month. You're able to start the Rate Switch application after the 10th of July as the applicant will have made two monthly payments.

Once the application is fully submitted. Go to Guides and Forms to access the Adobe form under Declarations and complete these steps: 

• Click Continue.
• Complete your details in section 1.
• Complete the MSO Case ID and the applicant(s) details in section 2. All applicants named on the application must be included, as all will be required to digitally sign the declaration.
• Click agreement and submit form.
• Complete the applicant(s) details in the ‘assign to next participates’ box.
   
  • Participant 2 is applicant 1 and so on.
  • Please ensure all email addresses are entered correctly.
  • All applicants named on the application must be included, as all will be required to digitally sign the declaration.
  • Once completed click ‘Next’.
• You’ll then receive an email from adobesign@adobesign.com. Please ensure you select ‘confirm my email address’ or the applicant(s) won’t receive the form to sign.
• The declaration will then go to each applicant to digitally sign (one after the other if there is more than one applicant).
• Once signed and submitted, this will return to TSB where we’ll upload the declaration to the application within 24 hours of receipt.

Yes, once the application is fully submitted. Go to Guides and Forms to access the Adobe form and complete these steps:

• Complete your details.
• Submit form.
• Complete the applicant(s) details. All applicants named on the application must be included, as all will be required to sign the declaration.
• You’ll then receive an email from adobesign@adobesign.com. Please ensure you select ‘confirm my email address’ or the applicant(s) won’t receive the form to sign.
• The declaration will then go to each applicant to sign (one after the other if there is more than one applicant).
• Once signed and submitted, this will return to TSB where we’ll upload the declaration to the application within 24 hours of receipt.

Yes, whether completing the declaration digitally, electronically or by hand, all applicants named on the application must sign the declaration.