Switching your mortgage product.

Since 1849 we’ve been trusted as a safe home for savers, and to provide safe homes. We know that life isn’t ‘one size fits all’, which is why our lending decisions are made by people not computers.

It’s quick and easy to request a product switch with us. And switching can usually be completed within a few days. A remortgage elsewhere can take up to several weeks, and involve many new status and eligibility checks with a new lender. You’d also need to involve a solicitor.

You will be eligible for a loyalty rate product as long as:

• your current product is expiring, or
• you’re currently on our Standard Variable Rate (SVR), or
• you’re currently on one of our loyalty rate products,
• you’re not in breach of any of your mortgage terms and conditions, and
• you are not in arrears.

For products that are due to expire, you can usually switch up to three months in advance of your product end date, and we’ll write to you to let you know when you’re eligible.
If you are already on one of our loyalty rate products and want to switch more than three months early, you will need to pay an Early Repayment Charge if your current product has one attached.

If you are currently on one of our new lending products and want to switch more than three months early, you will need to select a new product from our current new lending range. The product switch fee and product completion fee will both need to be paid in this instance, however, the Valuation and CHAPS fees will not be relevant.
If you are on a lifetime rate you will not be able to complete a switch to an alternative product with the Society.

If you’ve returned your product switch offer and now want to choose an alternative product you can do this anytime up to the 15th of the month prior to your switch becoming effective. For example, if you’d like to switch on 1 January, you have up to 15 December to change your mind.

There are some things to bear in mind with this.

• You would need to pay the product switch fee again for the new product.
• You would need to return your new offer and pay your additional fees by 15th of the month prior to your switch becoming effective.

In the above example, we’d need to receive a new product switch request and new signed accepted offer, with your additional fees paid by 15 December.

We’ll get in touch with you prior to the end of your current mortgage product to let you know when you’re eligible to switch. This will usually be around three months before the end date of your product.

If you take no action when your mortgage product expires, you will either revert to our Standard Variable Rate (SVR), or to a discount variable rate that tracks our SVR. You’ll need to refer to your mortgage offer to see which rate you will revert to.

You’re usually able to switch up to three months prior to the end of your current mortgage product, without needing to pay an Early Repayment Charge (ERC). You’ll receive a postal notification from us once you’re eligible.

You can switch your mortgage product at any time, however if you’ve not been notified that you’re eligible, you will need to pay an ERC if there is one attached to your current product.

If you are on a lifetime rate you will not be able to complete a switch to an alternative product with the Society.

You can still take a new product with the Society even if the products you’ve been offered run for a longer period than your remaining mortgage term. If your mortgage term has less than two years to run, and you take one of our two year products, we’ll waive your Early Repayment Charge when your mortgage term expires.

If you redeem your mortgage prior to the expiry date, or overpay by more than the product allowance, any Early Repayment Charge will be payable.

When you complete a product switch with us, you’ll have two options with how to proceed, execution only or advice.

Execution only.

Execution only means we will not provide you with any advice or make any assessment as to whether the product you’ve chosen is suitable for your needs and circumstances, instead you’ll make your own decision how to proceed. If you proceed on an execution only basis, you’ll be waiving any rights of protection under the Financial Services Compensation Scheme (FSCS).

What protections am I losing?

If you receive mortgage advice that results in you losing money, and the firm that gave you the advice fails, you may be able to claim compensation with FSCS. FSCS could cover you for the following types of event:

• If you weren’t advised about the different types of mortgage and chose a mortgage that was unsuitable, and consequently lost money.
• If specific details of your mortgage were incorrect, for example, a longer term was selected than you intended or needed, meaning you lost money.
• If you were advised to switch mortgages but weren’t given an adequate explanation of why you should, and consequently you lost money.
• If you were advised to take out a lifetime mortgage that was unsuitable for you at the time, meaning you lost money.

(This scheme does not apply to unregulated mortgages. Please contact us if you are unsure whether or not your mortgage is regulated.)

Advised service.

Advice means spending time with one of our Mortgage Advisers who will discuss your needs and circumstances and provide you with advice and a recommendation for the most appropriate product for you. It is worth noting, we can only advise on the current range available and cannot offer market advice. We can provide the service via telephone, please contact us to arrange an appointment.

We appreciate that not everyone will want or be able to complete their product switch online. If you’d rather complete your switch via post please let us know, we’ll be happy to issue you details of our current range and a paper ‘switch request form’ to complete and return by post.

If your mortgage has more than one part, for example if you have taken additional borrowing with the Society, each part of your mortgage may have a different product.

If the products on the different parts of your mortgage expire at the same time, you’ll be able to move these parts onto the same new product. If you do this once you have been notified you’re eligible, no Early Repayment Charge (ERC) will need to be paid. If a fee is applicable for the new product, you’ll only be charged this once across all eligible parts.

If the different parts of your mortgage have different product end dates, and you want to switch them all at the same time, you’ll have to pay the ERC on the parts that are not currently eligible for an ERC-free switch.

If any of the parts of your mortgage are on a lifetime rate you will not be able to complete a switch to an alternative product on those parts.

No, as an existing member with a good track record with the Society we’re able to offer you follow on mortgage products without the requirement for updated credit or status checks.

Unfortunately, in some scenarios you may not be eligible for a switch, for example if you are in arrears with the Society or are in breach of your terms and conditions. In these circumstances, please speak to us to see what options we may have available for you, and how we can help.

No, switching your mortgage product with Suffolk Building Society doesn’t require the services of a solicitor.

There are no application fees with the Society to complete a product switch. However, some of our products do have a product switch fee. Any product switch fees will be detailed in the ‘Mortgage product switch rate guide’. We’ll also show this fee within your offer if you decide to proceed. If there is a product switch fee this can either be paid upfront before the switch is completed, or the fee can be added to your mortgage balance. Upfront payments can be made by debit card via phone.

You should be aware that if you decide to add the to your mortgage, interest will be paid on the fee amount, increasing the amount repaid over the life of your mortgage.

We’ll send your mortgage offer via Adobe Sign; this is a secure email service that ensures only you can access the documentation provided. You’ll be able to electronically sign and return your offer through Adobe Sign if you’re happy to proceed.