Frequently Asked Questions – Rate Switch
If you have not found the answer to your query, please use the search function on the top right or contact us for help.
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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.
If the applicant wants to switch after their product expires, no ERCs will apply.
Where the applicant wants to switch before their current product end date, ERCs may apply. See the table below for details of where the applicant can switch before their current product end date without incurring any ERCs.
Month product matures:
Earliest can apply for Rate Switch to take effect once current product matures:
Start Date options available
January
From 1st November
1st December (ERC payable)
1st January (ERC Waived)
1st February (No ERC)February
From 1st December
1st January (ERC payable)
1st February (ERC waived)
1st March (No ERC)March
From 1st January
1st February (ERC payable)
1st March (ERC waived)
1st April (No ERC)April
From 1st February
1st March (ERC payable)
1st April (ERC waived)
1st May (No ERC)May
From 1st March
1st April (ERC payable)
1st May (ERC waived)
1st June (No ERC)June
From 1st April
1st May (ERC payable)
1st June (ERC waived)
1st July (No ERC)July
From 1st May
1st June (ERC payable)
1st July (ERC waived)
1st August (No ERC)August
From 1st June
1st July (ERC payable)
1st August (ERC waived)
1st September (No ERC)September
From 1st July
1st August (ERC payable)
1st September (ERC waived)
1st October (no ERC)October
From 1st August
1st September (ERC payable)
1st October (ERC waived)
1st November (No ERC)November
From 1st September
1st October (ERC payable)
1st November (ERC waived)
1st December (no ERC)December
From 1st October
1st November (ERC payable)
1st December (ERC waived)
1st January (No ERC) -
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.
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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 4050123456070040/50123456-07 (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 4050123456070040/50123456-10 (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 -
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.
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This means it is too early to start a Rate Switch.
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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.
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Unfortunately we can not backdate payments so you should choose the next future available date.
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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.
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.
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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.
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No. You must keep a full calendar month between completing an Additional Borrowing application and creating a Rate Switch.
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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.
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If we receive multiple applications for the same applicants that are also switching the same sub account(s). Then we will cancel any previous applications to allow the most recent application to proceed. This applies to all channels.
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.
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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.
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Yes, whether completing the declaration digitally, electronically or by hand, all applicants named on the application must sign the declaration.
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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’.
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Our updated cancellation change policy helps customers by allowing them to cancel and reserve another product in time for the next month.
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.
Month of cancellation Last date to cancel application January, March, May, July, August, October, December 17th of the month April, June, September, November 16th of the month February
Non leap year (28 days)
Leap year (29 days)14th of the month
15th of the month -
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.