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PRODUCT SWITCH WITH US

Here you’ll find the information needed to complete a product switch for your clients with a Market Harborough mortgage.

If your client is approaching the end of their deal with us, you can complete a product switch in a few simple steps. We pay a 0.30% procuration fee for both residential and let switches and there are no product fees for your clients to pay.

About our product switches

We invite customers to start a product switch by maturity month, rather than individual maturity date. Brokers are encouraged to discuss options with clients as soon as the client receives their initial maturity communication.

When customers are contacted:

• We first contact customers around two months before their maturity month
• Our customer communications are sent at the start of each month
• For example, all customers maturing in May are first contacted at the start of March and can initially select from the product switch options available in March.

Customers are contacted at the start of each month leading up to their maturity with details of that month’s product options.

How switches work:

• Product switches complete on the 1st of the month during which your client’s deal ends, or can take place on the 1st of any subsequent month. Let us know the client’s chosen option.

• Clients must choose from the product options shared at the start of the month in which they make their switch decision. Products offered in previous months will no longer longer be available.

• In order to switch on the 1st of the following month, your client’s chosen product option must be confirmed to us by 18th of the preceding month

• A product is secured once we have received client authority for you to act and confirmation of the agreed product. Our product deals can be changed or withdrawn at any time and without notice.

This month's product options
Simple steps to switch
  1. Let us know that your clients wish you to complete a product switch on their behalf by sending the following information to us by email.
    • Your name, your firm name and FCA number
    • Your principal firm name and FCA number (if applicable)
    • Your email address
    • The last four digits of your clients’ mortgage account number
    • Your clients’ post code (correspondence address)
    • The chosen product code – please ensure you have chosen the correct product type for your clients and their account
    • Confirm if an ESIS is required. If yes, please let us know if you’re charging a broker fee and the amount
  2. We’ll email your clients to confirm that they’re happy for you to act for them and for us to share their mortgage information.
  3. Next we’ll provide an ESIS (if requested) and ask you to confirm that you wish to proceed. Once the client authority and this confirmation has been received, the product will be secured ready for the switch. Our product deals can be changed or withdrawn at any time and without notice. Until the product is secured, your clients will continue to receive our communications about their options and both the revert rate and monthly payment if the switch doesn’t proceed. 
  4. The switch will take place on the 1st of the month during which your client’s deal ends, or can take place on the 1st of any subsequent month. This is subject to the steps above being completed by the 18th of the month before. If the switch takes place after their existing deal has already ended, their mortgage will be based on our Standard Variable Mortgage for that interim period.
  5. If your client pays by standing order, please remind them to amend their monthly payment accordingly.
  6. The proc fee will be calculated on the balance on the switch date and may differ from the amount shown in any ESIS or information sheet that may be supplied. It will be paid seven working days after the switch.
Is your client eligible to switch?

You can complete a product switch on behalf of your clients in the following circumstances:

  • You are already a member of our intermediary panel. To find out about joining, please email register@mhbs.co.uk.
  • Your client has received their initial product switch invitation from us. 
  • You have permission from the clients to act on their behalf and they don’t intend to switch with us directly.
  • There is no more than one month’s arrears on the account.
  • Your clients’ circumstances haven’t changed since the original deal was taken eg their country of residence or property usage.
  • No other mortgage changes are needed. For additional changes, please get in touch with us on 01858 412412.

 

If you’d like more help

If you have any questions or would like more help, please get in touch on 01858 412412 or email the Mortgage Team.