Switch your client's mortgage

Before beginning the application, make sure your client has read the 'Things you need to consider before switching' statement.

Then check if your client meets the following eligibility:

• Their mortgage switch deal with us is either:
• ending in the next 13 weeks
• on one of our revert rates
• or is a tracker product with a switch to fix option.
• Their current mortgage balance isn’t less than £1,000.
• They have more than two years remaining on their mortgage term.
• Their mortgage is clear of arrears.
• Their mortgage (when taken out) wasn't regulated by the Consumer Credit Act.
• They’re not subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA).
• There must be no restrictions preventing a product switch
• They don't live in the European Economic Area (EEA) or the European Union (EU) - they must be living in the UK or a non EEA/EU country.

There's no need for us to complete a new credit search as part of the switcher process.

Please submit a paper based application if your client’s property is either a portfolio account or valued at £1 million or over. You can return this without client signatures by email to TMWDirect@themortgageworks.co.uk.

Switcher product options will reflect the lending type on the initial application. If circumstances have changed for your client and this effects their product eligibility (e.g. Portfolio reduced to less than 10 properties), please contact TMWDirect@themortgageworks.co.uk. You'll need to quote their mortgage account number and the reason for your email.

If your client does not meet the criteria, they may still be able to switch (for example being in arrears). To do this they'll need to contact us directly.

After logging in to the OMS following the steps above, your client should confirm whether they want to add the product fee (if applicable) to their loan, or pay it upfront. The OMS will then show all the mortgage deals they are eligible for. Up to four mortgage products can be compared against:

• Rates
• Monthly mortgage payments
• Mortgage features
• Fees (if a fee is applicable, your client can pay this up front or add it to their loan).

Your client won’t be credit scored as part of their application.

We’ll automatically estimate your client’s property value to establish their latest loan to value. If you or your client believe the valuation is incorrect, you can email TMWDirect@themortgageworks.co.uk to appeal the valuation.

You’ll need to tell us:

• The Mortgage Works account number
• Customer name
• Security address
• Property value
• I (Broker Number/FCA Number) can confirm that I have been instructed to act in relation to the product switch for the above customer and would like to request a valuation appeal.

After that, we’ll contact you for more details. This may include information about structural or cosmetic work on the property. We may ask for evidence, such as photos, planning permission and completion certificates.

If you’re unhappy with the valuation after appeal, your client can pay for a valuer to visit the property for a physical inspection.

Your client can select the mortgage they want and decide whether to add the product fee (if applicable) to their loan or pay it upfront. This will create an offer which summarises all the important features of the mortgage. This includes any fees and charges you have to pay online. As the entire process needs to be completed online and therefore they can’t pay by cheque. If they’ve received a paper offer through our paper application process, they'll need to check the information contained in the offer pack.

The offer is valid for 21 days. And it won’t be binding until your client has accepted the offer and paid the product fee (if applicable). You'll only reserve the product once the application has been submitted in full.

You'll need to select a new product if:

• Your product changes before your application has been submitted in full. OR
• The offer expires

If your client isn’t happy with the mortgage offer, they can select another deal by choosing 'Select New Product'. This will replace any previous offer.

If your client needs to think about the offer, they can choose to Save the offer. This will allow your client to consider their options before committing to the new deal. When you log back into the OMS, you’ll have to log in using your client’s details. Once you've done this the switch information will appear in your recent cases.

If your client is ready to proceed, you should print or save the mortgage offer before accepting it. If you don't you won't be able access it after accepting. Switch them to the new deal by selecting Continue to Next Step (read step 4 for more information on what happens next).

If the OMS isn’t able to generate an instant offer, we'll need to create it manually. Once you’ve submitted the switch, you’ll get a message advising that we’ll be in touch within 3-5 working days. Once the manual offer has been produced, we’ll make contact to advise you the offer is available. You can then log back into the OMS to accept the offer and continue. You’ll have to log in using your client’s details, as the switch information won’t appear in your recent cases.

Where an instant offer isn't available and you have to follow this process, we’ll honour the rate requested. This includes withdrawn products.

If your client is happy with the product and fee payment option (if applicable) chosen, you should print or save the mortgage offer.

If you pay the product fee by credit card, you may have to pay an additional fee from your credit card provider. You can contact them for more details.

Select Accept and the OMS will tell you when their new product begins. Once your client has accepted the offer, they’ll need to pay any product fee applicable (unless they have chosen to add it to the loan).

You’ll then see confirmation that the OMS application process has been completed successfully.

If your client is looking to complete a rate switch and a further advance, these are two separate applications and you 'll need to decide which to do first.

If you complete a rate switch application first, we're unable to guarantee that a further advance application will be accepted subsequently.

Completing a further advance first may mean that any subsequent rate switch could be charged at a higher rate due to the increased LTV. The further advance will need to have completed prior to a rate switch application.

If your clients have started a further advance application but don’t want to continue with this as they would rather proceed with a Rate Switch, we’ll require instructions from your clients to cancel the application. This can be included with the paper application form for the product switch.

Switching Multiple Sub Loans

If your client has multiple sub loans due for renewal within the same window you can switch using the online portal. However, if the current product expiry dates differ, the new rates will align using the latest end date. This may mean for a short time a Standard Variable Rate will apply on part(s) of the account.

Alternatively, you can switch one of the loans using the online portal and the remaining using the product switch application form. This will prevent the Standard Variable Rate from being applied on part(s) of the account.

By obtaining a separate offer, the same product and terms may not be available and additional fees may apply.

If you wish to continue with switching your clients’ sub loan outside of the online portal, you can email tmwdirect@themortgageworks.co.uk a paper application form mentioning the loan you are looking to switch. After that, we may contact you for more details.

Manual application for multi switch accounts

If you have already submitted a product switch for an account we are unable to progress a further request on our Online Mortgage Switcher. In order to submit your loan Mortgage Illustration request please email tmwdirect@themortgageworks.co.uk with the following information.

You’ll need to tell us:

• The Mortgage Works account number
• Sub Loan being switched
• Customer name
• Security address
• Rate Switch Product Code
• Fee paid upfront or add to loan
• Network/Club
• Your (Broker) Name
• I (Broker Number/FCA Number) confirm and declare that I have been instructed by the applicant(s) named above to switch to another The Mortgage Works mortgage product (‘product switch’) and to complete this request for and on behalf of them.
• I have outlined the nature of the mortgage and the product to the applicant(s) and explained the nature and amount of the fees payable by the applicant(s). And I have confirmed with the applicant(s) which fees are not refundable even if you don't offer them a mortgage or the mortgage product switch does not proceed for any other reason.

We’ll contact you once the Mortgage Illustration has been produced. This can take up to 5 working days. If your client is happy to proceed, you'll need to contact us on 0345 606 40 60 in order to provide verbal acceptance.

Can I switch an additional account where I have already applied for a rate Switch?

Where you already have an application in progress for one account, and you are looking to switch an additional sub account you will need to wait until the existing application completes, or you can apply by email as above.

By cancelling the existing application, it could result in an account reverting to the standard variable rate. If you obtain a separate offer, the same product and terms may not be available and product fees will be payable on each account, if applicable.

If the product fee is paid when the offer is accepted and your clients change their mind prior to completion, we’ll return the product fee. If you choose multiple products there may be additional fees.

If they choose to add the product fee to the loan when the offer is accepted, then no money will have been taken and therefore no money will be returned.

Once the switch completes, your clients can’t cancel and therefore the product fee is non-refundable.

You or your clients can cancel the switch 5 days prior to completion using the Online Mortgage Switcher. If it’s less than 5 days to completion, they can cancel the switch by calling us on 0345 606 40 60.

Your payment date is within the first 7 working days of the month

We’ll do our best to bring you onto your new rate in time for your first payment, though that might not be possible if its due within the first 7 working days of the month. In this case, we’ll simply collect your first payment at the Managed Rate. Then the following month, we’ll change your payment to your newly switched rate, adjusting it to make up for any overpayment made in the first month.

If you want to avoid this, you can push back your regular direct debit payment date to later in the month. This gives us enough time to move you onto your new rate.

Please let us know by the 10th of the month by calling 0345 605 40 60.

Having trouble with payments

Please check that you have entered the details correctly. If the card details are correct: you’ll need to contact your card supplier in the unlikely event that there’s a technical problem. Or you can try again later. The application will be saved for you or your clients to access at a later time.

For applications where an ERC is payable, you'll need to complete a paper based application form. These can be submitted to TMWDirect@themortgageworks.co.uk. An offer will be produced which includes any ERC payable. To proceed, we’ll require payment of the ERC up front before we issue an offer. These requests may take a little longer to process.

Switch to Fix

If the current product has the 'switch-to-fix' feature, your clients can apply to switch to a fixed rate during the ERC period. The start date for product switches are always the 1st of the month and the date the switch occurs depends on the date they accept the product switch offer. The date will be confirmed when they accept the offer.

To apply, your client will need to contact us directly to apply. They won't be able to apply to extend their term on regulated cases. We do accept non-regulated cases.

Your clients can't apply to extend their term as part of a product switch.

They'll need to contact Account Servicing on 0345 606 40 60 to arrange for a change to their repayment method.

Your clients can repay their mortgage at any time. This depends on the product chosen at product switch as an early repayment charge may apply. Please refer to your client's offer.

If your client has started a product switch already and wants to change repayment method, they don’t need to wait for it to complete. The quote that’s provided for the change of repayment method doesn’t include any new products which are due to start in the next 3 months. The amount quoted is an estimated figure and is subject to change once the new product has started.

Depending on the product chosen, your client may be able to make extra payments on their new product. Please see your client's offer

To discuss varying their terms, please obtain their authority or ask them to speak to us. Your client can book an appointment or give us a call.

We’ll use your client's existing direct debit details to make changes to the payment. If they don’t want us to use the existing direct debit details, they must instruct us of the new details by calling 0345 606 40 60.

If your client isn’t happy with the mortgage switch, and they haven’t accepted it, they can choose another deal by choosing Select New Product. This will replace any previous offer. No fees are chargeable for this.

You or your client can use our Online Mortgage Switcher (OMS) to cancel up to 5 days before the product switch completion date.

Or email us on tmwdirect@themortgageworks.co.uk if it's less than 5 days to completion. 

If the mortgage switch has completed

Your client will need to pay the applicable Early Repayment Charge to switch to another product. This is unless they have a Switch-to-Fix incentive on the new product.

If you or your client have accepted the mortgage switch and it hasn't completed

Firstly you will need to cancel the mortgage switch. You can do this either through OMS or telephone.

You'll receive a refund within 10 working days for any fees paid up front.

Once the mortgage switch has completed (on the 1st of the month shown as part of the acceptance of the offer), your client will receive a confirmation letter detailing their new mortgage product and monthly repayments.

Your client should receive this letter within the first 5 working days of the month after the switch has completed.

Important information for payment dates that fall within the first seven working days of the month

To comply with regulations, we must provide your client with notice of their new payment before we collect it from their bank or building society. This means if your client's monthly payment is due within the first seven working days of the month, we won’t be able to tell your client their revised monthly payment before their first payment is collected after the mortgage switch.

Therefore, the first payment due following their product switch will be at the standard variable rate detailed in the terms of their existing mortgage. We’ll then adjust the following months payment to reflect any under or overpayment paid in the first month.

To avoid this, your client can change their monthly payment date to later in the month by calling us on 0345 606 40 60.

Monthly rest accounts

All of our product switch options are ‘monthly rest’ accounts. This is where the account balance at the date of offer is used to calculate the monthly payments. You may find that the monthly payment displayed on the ‘view products’ page varies to the amount displayed on the personalised offer. This will happen where your client has an ‘annual rest’ interest only account and the account balance at 31 March is used to calculate the monthly payments. The figure displayed on the offer document is the figure agreed upon confirmation of the switch.