Switching your mortgage deal

Switching explained 

Switching your mortgage is when you change your mortgage product. You can either move your mortgage to a new lender, this is called remortgaging. Or you can switch your mortgage from one product to another, with the same lender, this is called a product transfer.   

When can you switch 

You can switch your mortgage at any time, but to avoid paying early repayment charges (ERC) most people switch when their deal is coming to an end.  
 

Most people choose to switch their mortgage just before their mortgage deal ends. This is to avoid being moved to the lender's Standard Variable Rate (SVR). Generally, SVR mortgages have a higher rate of interest, with the monthly repayment likely to change regularly.  

Ways to switch 

Receive advice from a lender 

You can seek advice from your mortgage lender. This is called ‘advised.’  A mortgage advisor will look at your finances, your mortgage balance and property value to suggest the most suitable product for you.  
 

Choosing a new product yourself 

You can choose a deal without receiving support or discussing your finances, this is called ‘non-advised.’ Often you can do this online by finding a deal and following the lenders application process. 
 

However, this will mean that: 

• You won’t be protected by the Financial Conduct Authority for assessing the suitability of the change.
• You won’t be able to complain to the Financial Ombudsman Service about this aspect of your mortgage deal. 
• You won’t be able to claim under the Financial Services Compensation Scheme about this aspect of your mortgage deal. 
• If you choose the new product yourself, you will still have the right to complain or to compensation if anything else goes wrong with your mortgage.