Product switch FAQs

Switching refers to updating your existing mortgage product to a new deal. It might also be known as a product transfer.

Switching is straightforward if you aren’t planning any other changes to your mortgage, or borrowing any more money, as you won’t need to provide any further information on your income or outgoings.

We ensure that existing borrows can benefit from the same deals that are available to new customers and what’s more, existing borrowers switching to a new deal with us don’t have to pay any application or product fees.

If you have a mortgage with no early repayment charges you can switch at any time. If your existing deal is coming to an end you can choose a new deal up to three months before and switch on the 1st of the month after your current deal ends. We’ll be in touch in plenty of time to share your options and will make contact several times in the build up to your current deal ending.

There are two different ways to arrange a product switch. We have some simple steps for you to follow so that you can view your product options and select your chosen deal. This is known as following an ‘execution only’ route.

You might prefer to talk to one of our Mortgage Specialists about the best option for you. We’ll be happy to arrange an appointment for them to run through this with you over the phone, at a time convenient to you. This is known as taking an ‘advised’ route.

Before taking action, please read the important things to consider section further down this page.

Our product switches take place on the 1st of the month after your current deal ends. Please confirm your chosen option to us by the 18th of the month prior to the switch taking place. For example, if your deal ends during January and you want to switch on 1st February we’ll need everything with us by 18th January.

You can still switch after this and select from the products available at that time. We will still need your instructions to reach us by the 18th of the month before the switch.

You’ll be able to tell us your chosen deal using our online form. Straight away we’ll confirm the product you’ve selected. We’ll also send you a European Standardised Information Sheet that outlines the new deal chosen and your new monthly payments. Remember all mortgage holders will need to agree to any changes so you should all read the document carefully to make sure it reflects your chosen option.

We’d recommend referring to your most recent mortgage statement, sent in January. This will outline your mortgage, current rate and monthly payment.

We’ve also made a repayment calculator available to help you understand what impact a new deal might have on your monthly repayment amount, visit our calculator page

If your situation has changed, please let us know by calling 01858 412412. We want to make sure you are offered deals to meet your current needs.

If you don’t wish to switch, at the end of your current deal, you will move onto what’s known as a revert rate. Depending on your mortgage type, this is usually our Standard Variable Mortgage. You can still switch to a new deal after this time.

Please get in touch with us on 01858 412412 to find out about your options.

  • Product deals can be changed or withdrawn at any time and without notice. We will contact you with the rates available for the month ahead
  • Our product switches take place on the 1st of the month after your current deal ends as long as we receive your instructions by the 18th of the previous month. Or you can switch in any subsequent month and select from the deals available at that time. We still need to receive your instructions by 18th of the previous month

We understand that this is a challenging time. If you find yourself facing difficulties in meeting your monthly mortgage payments, we’re here to help. The sooner you talk to us the more opportunity we have to agree a solution. You can find more information on our payment support page.

The best way to get in touch is by emailing specialistsupport@mhbs.co.uk, providing your name and contact telephone number. Please don’t send sensitive information such as your account number by email. We will arrange a telephone appointment for you with one of our Mortgage Specialists, you should allow up to 48 hours for a response.

Alternatively, please call directly on 01858 412412.

To talk to us about your mortgage, please get in touch on 01858 412412 or by emailing directmortgages@mhbs.co.uk, we’ll be happy to help.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.