Existing Borrower Rate Switch

We’ve made rate switching simple. Whether your mortgage product is coming to an end or has already ended, you can easily switch to a new mortgage product.

Why rate switch?

• Simple and straightforward process
• No underwriting
• No credit searches
• No valuation fee: (a standard valuation isn’t required when arranging a new product)
• No solicitor fees and no bank statements, payslips or P60 required.

How to apply 

If you have received a letter from us containing your rate switch made easy form and unique reference code you can apply to switch online. We’ll send your rate switch paperwork by post or by email within 3 working days. Please note our products may be withdrawn or changed without notice. 

If you have not received a letter or if you wish to receive advice, you can speak to one of our Mortgage Advisers who will discuss your circumstances to recommend the most suitable product for you. Contact us to arrange an appointment.

Rate switch process

The process for your rate switch will depend on your individual circumstances. More information on our execution only and advised processes can be found below. 

Execution only
If you're eligible and you don't want any advice from us you can choose your own mortgage product and complete the rate switch process in a couple of easy steps.

Step 1:
Review the rate switch made easy form and choose your preferred product. There are 4 simple ways to let us know:

• Complete our online rate switch form;
• Email rateswitch@thetipton.co.uk;
• Call the rate switch team on 0121 521 4088; or
• Post your completed form to us using the prepaid envelope.

Step 2:
We will send you a European Standardised Information Sheet (ESIS) which includes details of your mortgage and selected product, along with your Mortgage Rate Switch Offer. If you are happy with the product you’ve chosen, simply sign the Acceptance of Offer and return this to us by post or email. Please note our products may be withdrawn or changed without notice. 

We must receive your signed paperwork at least 10 days before maturity to guarantee your new product is in place upon maturity of your existing product. Documents can be returned after this date but may not allow sufficient time to process your request and your account may revert to our Standard Variable Rate or Buy to Let Variable Rate while we process the rate switch. Your payment will be adjusted accordingly in the meantime.

We’ll contact you if there are any fees to be paid and once we’ve processed your rate switch we’ll send you confirmation of your new monthly repayment.

An Execution Only rate switch is only available for a simple change of mortgage product. For any other changes to your mortgage, including change of term, change of repayment method, additional borrowing or transfer of equity, please call us on 0121 521 4088 or complete our online contact form to arrange an appointment.

Advised
If you are unsure which mortgage product to choose, or if you are not eligible for Execution Only, one of our Mortgage Advisers can provide advice and make a recommendation to you based on your personal circumstances.

We do not charge for any advice provided by our Mortgage Advisers.

Please call us on 0121 521 4088, email us at rateswitch@thetipton.co.uk or complete our online contact form to arrange an appointment. During your appointment your Mortgage Adviser will review your circumstances and mortgage in full to determine the product most suitable for you. Please ensure you have your income and expenditure details to hand for the appointment. 

Following your appointment, your Mortgage Adviser will send you a rate switch mortgage pack, this will include a European Standardised Information Sheet (ESIS) detailing the recommended product along with documentation summarising your discussion and your Mortgage Rate Switch Offer. If you are happy to continue, complete and sign all documentation and return it to us by post or by email.

Please note products can be withdrawn or changed without notice.

We must receive your signed paperwork at least 10 days before maturity to guarantee your new product is in place upon maturity of your existing product. Documents can be returned after this date but may not allow sufficient time to process your request and your account may revert to our Standard Variable Rate or Buy to Let Variable Rate while we process the rate switch. Your payment will be adjusted accordingly in the meantime.

When we’ve processed your rate switch, we’ll send you a letter confirming how much your new repayment will be.

If you qualified for our execution only process but chose to receive advice you will no longer be able to choose your own product.

Rate switch for intermediaries

We also offer a rate switch option for mortgage intermediaries.

Please click here for further information.

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