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 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.

Application cut-off dates:

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.

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.