Product Switch FAQs
Whilst we know we can’t answer all of your questions, below are some of the most frequently asked that may help you on your way.
How far in advance can the applicant(s) apply to switch the product?
The applicant(s) can secure a product up to 4 months before the end of their current deal.
When will the product switch take place?
The switch will take effect from the first of the month following the end of their current deal.
Will the request secure the mortgage product?
When you have completed the ‘Instruction to process switch form’, the product required has been secured.
My client has less than 2 years remaining of their mortgage term, at the end of their current deal, can l choose a new product?
If there is less than 2 years remaining of the client's mortgage term, they are unable to select a new product. The client's mortgage rate will revert to the Society’s Standard Variable Rate (SVR) or SVR with a potential reduction determined by your client's Loan to Value (LTV) at that time.
For further details about how we calculate your client's interest rate when their mortgage offer period ends, click here.
Can I submit a product switch for an applicant(s) with a sub-account?
Yes, a product switch can be submitted by using the Illustration request form where a sub-account is in place, providing it meets the criteria for a product switch. For example, the sub-account is on our Standard Variable Rate or the date the current deal ends is consistent with the main mortgage account. However we are not able to accept these using the Product Switch portal.
What happens if I submit a request and the applicant(s) changes their mind?
We are able to remove previously sent instructions as long as they are received prior to the date of the switch.
What if the applicant(s) doesn’t agree with the valuation?
There is no option for the applicant(s) to have a further valuation for a product switch unless there is also a further advance application submitted in combination with the product switch.
Who should I contact if I have any questions?
Please contact our Intermediary Sales and Support team by either emailing us at ist@westbrom.co.uk or calling us on 0345 241 3597.
The applicant(s) current mortgage is Interest Only, will you honour the original policy or will they need to meet the new policy?
We will honour cases based on the existing policy.
What does my client need to do?
They need to provide you with their personal details including their address and the bank/building society account sort code and last four digits of their account number that they pay their mortgage from.
How will I see the products that are available?
You will be able to find the products currently available on your mortgage sourcing systems.
Can a further advance combined with a product switch complete before the product switch takes place?
Yes, the further advance will progress independently of the product switch. Once the further advance offer has been issued, funds can be released as soon as the offer acceptance has been returned or when a solicitor requests funds where a certificate of title is applicable to the application.
If the product switch has taken place and the further advance is later declined, will the applicant(s) incur Early Repayment Charges if they want to redeem and remortgage to obtain the additional borrowing required?
Yes, once the product switch has taken place, any Early Repayment Charges applicable will be applied if the applicant(s) choose to redeem. However, we are able to remove previously sent product switch instructions as long as they are received prior to the date of the product switch.
Can I submit the completed further advance application forms, mortgage review forms and supporting documents e.g. evidence of income securely?
Yes, we do have a secure email facility but you will need to register separately for this service. If you are not already registered, please contact us for an activation code. If you are already registered, click here to access our secure email service.
Will I be paid a procuration fee for a product switch?
Yes, we pay a procuration fee for a product switch. The fee is based on the balance of the mortgage being switched and will be paid in the month following the end of their current deal. Please note, if you’re submitting a product switch for a customer who has more than one sub-account, the procuration fee will only be paid on the balance of the sub-account being switched at the time and not on the whole balance of the mortgage.