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Product switch
Is your client looking for a new mortgage deal with us?
With our product switch service, transferring their existing West Brom mortgage deal is easy. Plus, if your client wants to borrow additional funds or change their mortgage term, we can help with that too.
Please note: our product switch service is only available to clients with a residential mortgage.
How to complete a product switch
To help speed up the process and enable us to process your clients request more efficiently, we have created 5 steps to get you on your way.
Before you go through these steps, please ensure that your client is eligible to use this process. Whilst we would like to make this available to as many West Brom borrowers as possible, there are currently some cases that will not be eligible. They include:
A change to the method of repayment
If an Early Repayment Charge applies for any part of their mortgage
A combined request for a product switch, additional funds and a term change.
These examples do not mean that we can’t help an existing West Brom borrower from switching to a new product, it just means they will need to contact us to go through our existing borrower process.
The steps to complete a product switch vary depending on what you want to do.
Please select from the options below:
Product switch only
You can complete a product switch for your client via our product switch portal if:
they have a standard residential mortgage account
If your client(s) have an Assisted Mortgage, Shared Ownership, Help to Buy mortgage or if they have made a change under the Mortgage Charter you must submit your instructions using our Illustration request form to provide their instructions. We are unable to offer new deals through our portal.
there are no more than two applicants
their deal is due to end in the next four months
their LTV is less than 90%
their mortgage is currently on our Standard Variable Rate
they are not amending their existing term or applying for additional borrowing
one sub account is held
they pay their mortgage by Direct Debit
If your client doesn't meet the above criteria but you would still like to process a product switch, you can provide their instructions by using our Illustration request form.
Your 5 steps to product switch
Step 1: Go to our business portal, login and select the ‘Product Switch’ tab. You will then need to enter the following customer information:
Mortgage Account number (this is the 901 number that will be on your client's annual mortgage statement)
Postcode of Mortgaged Property
Surname
Date of Birth
Bank sort code
Last four digits of their account number
Once entered, select the ‘Applicant(s) authority declaration’ to confirm you’ve received the applicant(s) permission to proceed.
Step 2: Select the applicant(s) account which is maturing and after reviewing the options available, select the product(s) the applicant(s) would like to receive an offer(s) for.
Step 3: After selecting the product, the offer will be generated. Simply click download to view and save the offer so that you can provide a copy to the applicant(s).
Step 4: Once the applicant is ready to proceed, ensure you have read the ‘Offer acceptance declaration’, tick the ‘Accept Offer Declaration’ and click submit.
Step 5: There is nothing more for you to do. The product switch will take place on the first of the month following the end of the applicant(s) current deal. We will email you to confirm when the switch has taken place.
Product switch and further advance
Please note
We are currently unable to offer a product switch with a further advance to clients who have an Assisted Mortgage.
Additional funds are subject to a £99 completion fee.
Temporary lending policy changes mean restrictions apply to further advances, please click here for more information.
Step 2: Complete the fields on the ‘Illustration request form’ for the product switch and further advance sections ensuring you have the applicant(s) personal information (including the mortgage account number and the sort code and last four digits of their bank/building society account number the mortgage is paid from) and property details.
Step 3: When we have completed our necessary checks, we will email the requested separate Illustrations for the Product switch and Further advance for you to share with the applicant(s).
Step 4a: Once you have your applicant(s) confirmation to proceed with the product switch and further advance, complete our Instruction to process switch form. When the form has been completed, tick the ‘Accept product switch only offer’ box and the 'Further advance application form being submitted' box confirming that you have read our Declaration and have the applicant(s) consent and submit the request to us.
Step 4c: Complete all sections of the ‘Further advance application form’ ensuring you capture all of the information required. To support the applications, we will need additional supporting documentation to provide evidence of declared income. A summary of income evidence is available by clicking here to show the acceptable documents that we may require. When you’ve entered all the required information, send the application and supporting documents to us. This can be done by using our secure email facility. You will need to sign in to this service separately by clicking here. We will confirm receipt of your request for the further advance by email. If you are not already registered for the secure email facility, click here to send us a registration request.
Please note: The product switch and further advance will be progressed independently. We will confirm receipt of your request for the product switch and further advance application by separate emails.
Step 5:
Product Switch The product switch will take place on the first of the month following the end of the applicant(s) current deal. We will email you to confirm when the switch has taken place.
Further advance The further advance application will be assessed to progress to Mortgage Offer. A copy of the mortgage offer will be issued to the applicant(s). We will also send a copy to you by post for you reference.
Please note: If for any reason we are unable to progress to offer e.g. if we require further documentation or if the further advance application is declined, we will email you.
When we receive acceptance of the offer from the applicant(s) (or solicitor where applicable), the funds will be released and the account will be updated. We will email you to let you know the further advance has been completed. Please note, this could be before or after the product switch becomes effective depending on the acceptance of the offer and the end date of the applicant(s) current deal.
Product switch and term change
We aim to process your request and get back to you within a minimum of 12 working days. Please note that if we require further documentation upon assessment, we aim to process documentation within a minimum of 12 working days of receipt.
When returning this application back to the Society, you must send income documentation, along with the application. A summary of income evidence is available by clicking here to show the acceptable documents that we may require – If income evidence is not supplied when returning the application, this will cause delays in processing the case. Please send the application and supporting documents to us by using our secure email facility.
Step 2: Complete the ‘Intermediary mortgage review form’ ensuring you have provided all the information required including the product to be switched to and the change in term required. We will also require additional supporting documentation to provide evidence of declared income. A summary of income evidence is available by clicking here to show the acceptable documents that we may require. When you’ve entered all the required information, send the application and supporting documents to us. This can be done by using our secure email facility. You will need to sign in to this service separately by clicking here. We will confirm receipt of your request for the product switch and term change by email. If you are not already registered for the secure email facility, click here to send us a registration request.
Step 3: The product switch and term change request will be assessed to progress to Mortgage Offer. We will email the requested product switch and term change offer for you to share with the applicant(s).
Please note: If for any reason we are unable to progress to offer e.g. if we require further documentation or if the term change is declined, we will email you.
Step 4: Once you have your applicant(s) confirmation to proceed with the product switch and term change, complete our Instruction to process switch form. When the form has been completed, tick the ‘Accept product switch and term change offer’ box confirming that you have read our Declaration and have the applicant(s) consent and submit the request to us.
Step 5: There is nothing more for you to do. The product switch and term change will take place on the first of the month following the end of the applicant(s) current deal. We will email you to confirm when the switch and term change has taken place.
Our latest switcher products
Our switcher range is available for clients looking to secure a product up to 4 months before the end of their current mortgage deal.
Our secure email facility allows you to submit your client’s personal data including further advance applications, mortgage review applications and income evidence.
To use this service, you will need to be registered. Please click here to send us a registration request. Please do not alter the subject or body of the email, simply click “send” from your email client.
Once registered, sign in to our secure email facility to submit your documents for a further advance or term change.
