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FAQs

How does rate switching work?

Rate switching works by effectively switching to a better rate with your existing lender. Many people do not realise that they can switch to better mortgage rates with their existing lenders after the initial fixed rates period.  Often people will change lenders to get a better mortgage rate but are unaware of the options that can be available through their existing lender.   We have created a platform where you provide us with your basic mortgage information and we will then give you a list of all of the available rates.

What are the benefits of rate switching?

The main benefit is you save money on your monthly mortgage rates without the hassle of changing your mortgage lender.  Rate switching is also a lot faster than remortaging (we can switch you within 24hours) because you will have already gone through the underwriting and credit check process when you took out your mortgage.  As such, the majority of lenders don’t financially reassess you to switch rates with them again.

How much does rate switching cost?

Unlike traditional brokers we don’t charge any fees to switch you to a better mortgage rate.  We provide fee free advice without obligation.

How long does it take to rate switch?

Unlike the lengthy process of remortaging, which takes on average 4-6 weeks (and sometimes longer), rate switching with your existing mortgage lender can be achieved within 24 hours in most cases. The reason we can switch you so quickly is because you will have already gone through the underwriting and credit check process when you took out your mortgage.  As such, the majority of lenders don’t financially reassess you to switch rates with them again.

Is rate switching the same as remortgaging?

No, rate switching is the process of switching all (or part) of your mortgage balance on to a lower rate of interest with your current lender.  Remortgaging is the process of transferring your mortgage to an alternative lender to access a lower rate of interest.

Why isn’t my mortgage lender featured?

We have access to the majority of mortgage lenders however there are a small number of them that do not allow mortgage intermediaries to complete mortgage switches on their behalf.

How will you use my personal information?

To manage your dealings with us we may use personal information supplied to meet your needs in arranging a mortgage, secured loan (by way of referral), protection and any associated arrangements. Your data will always be utilised in the legitimate interest of the business transaction that we are undertaking.

Rest assured, we manage all data under current GDPR regulations and we will not sell or pass your data onto any 3rd party company.

As an appointed representative of Stonebridge Mortgage Solutions Limited we are fully authorised and regulated by the financial conduct authority and will always treat your information with utmost care.

To view our full privacy policy please click here.

 

In the Press

“Millions of mortgage customers are paying thousands of pounds a year more than they should. ”

“RateSwitch provides instant access to better rates without having to change lenders. ”

“For too long, too many have been paying out money they simply don’t have to. ”

“Help to Buy customers do not have the same options available as people remortgaging on normal terms. ”

See how much you could save with RateSwitch

On average, we’ve saved our customers £2,458 a year