What is a rate switch?

A ‘rate switch’ is the process of switching to a better rate with your existing lender. Some mortgage lenders aren’t very good at communicating what competitive rates they have reserved for existing customers, so we created a platform where you can find out what these are within a few seconds.

What are the benefits of rate switching?

The main benefit is that you save money quickly, and without the hassle of changing your mortgage lender.  Rate switching is a lot faster than remortaging because you will have already gone through the underwriting and credit check process when you took out your mortgage.  As such, most 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?

Before COVID-19, the process of remortaging to a different lender took around 4-6 weeks on average. In the present day, this is much longer. But the process of rate switching with your existing mortgage lender could be achieved within a day or two.

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 better rate  with your current lender.  Remortgaging is the process of switching your mortgage to a different lender.

As a ‘whole of market’ mortgage service, we can also help you remortgage between lenders if there’s a better rate available to you elsewhere (or if you want to borrow additional funds).

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 (i.e. brokers) to complete mortgage switches on their behalf.

What other services do you provide?

We also help homeowners pay their mortgage off faster through our alternative service, Accelerate My Mortgage. This is also a fee-free service.

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 third 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.


Press articles

“As mortgage rates fall, do you qualify for the cheapest deals? ”

“IFA takes on mortgage comparison sites ”

“Adviser launches mortgage switch comparison service to promote SVR awareness ”

“Borrowers get stuck on Help to Buy loans ”

Review and track mortgage rates with RateSwitch

Mortgage payments have risen by approximately £0 a year