Existing borrower product transfer
If your mortgage product is coming to an end, this guide will help you with next steps
We’ve made product transfer simple. Whether your mortgage product is coming to an end or has already ended, you can easily switch to a new mortgage product.
Why change to a new rate?
- Simple and straightforward process
- No underwriting
- No credit searches
- No valuation fee: (a standard valuation isn’t required when arranging a new product)
- No solicitor fees and no bank statements, payslips or P60 required.
Execution only
If you're eligible and you don't want any advice from us you can choose your own mortgage product and complete the product transfer process in a couple of easy steps.
An Execution Only product transfer is only available for a simple change of mortgage product. For any other changes to your mortgage, including change of term, change of repayment method, additional borrowing or transfer of equity, please call us on 0121 521 4088 or complete our online contact form to arrange an appointment.
Advised
If you are unsure which mortgage product to choose, or if you are not eligible for Execution Only, one of our Mortgage Advisers can provide advice and make a recommendation to you based on your personal circumstances.
We do not charge for any advice provided by our Mortgage Advisers.
Execution only process
- Step 1
Product transfer made easy form
Review the product transfer made easy form and choose your preferred product. There are 4 simple ways to let us know:
- Complete our online product transfer form;
- Email rateswitch@thetipton.co.uk;
- Call our product transfer team on 0121 521 4088; or
- Post your completed form to us using the prepaid envelope.
- Step 2
Signed paperwork
We will send you a European Standardised Information Sheet (ESIS) which includes details of your mortgage and selected product, along with your Mortgage Product Transfer Offer. If you are happy with the product you’ve chosen, simply sign the Acceptance of Offer and return this to us by post or email. Please note our products may be withdrawn or changed without notice.
We must receive your signed paperwork at least 10 days before maturity to guarantee your new product is in place upon maturity of your existing product. Documents can be returned after this date but may not allow sufficient time to process your request and your account may revert to our Standard Variable Rate or Buy to Let Variable Rate while we process the product transfer. Your payment will be adjusted accordingly in the meantime.
We’ll contact you if there are any fees to be paid and once we’ve processed your product transfer we’ll send you confirmation of your new monthly repayment.
An Execution Only rate switch is only available for a simple change of mortgage product. For any other changes to your mortgage, including change of term, change of repayment method, additional borrowing or transfer of equity, please call us on 0121 521 4088 or complete our online contact form to arrange an appointment.
Advised process
- Step 1
Mortgage appointment
If you are unsure which mortgage product to choose, or if you are not eligible for Execution Only, one of our Mortgage Advisers can provide advice and make a recommendation to you based on your personal circumstances. Please call us on 0121 521 4088, email us at rateswitch@thetipton.co.uk or complete our online contact form to arrange an appointment.
During your appointment your Mortgage Adviser will review your circumstances and mortgage in full to determine the product most suitable for you. Please ensure you have your income and expenditure details to hand for the appointment.
- Step 2
Documentation
Following your appointment, your Mortgage Adviser will send you a rate switch mortgage pack, this will include a European Standardised Information Sheet (ESIS) detailing the recommended product along with documentation summarising your discussion and your Mortgage Product Transfer Offer. If you are happy to continue, complete and sign all documentation and return it to us by post or by email.
Please note products can be withdrawn or changed without notice.
- Step 3
Signed documentation
We must receive your signed paperwork at least 10 days before maturity to guarantee your new product is in place upon maturity of your existing product. Documents can be returned after this date but may not allow sufficient time to process your request and your account may revert to our Standard Variable Rate or Buy to Let Variable Rate while we process the rate switch. Your payment will be adjusted accordingly in the meantime.
When we’ve processed your rate switch, we’ll send you a letter confirming how much your new repayment will be.
If you qualified for our execution only process but chose to receive advice you will no longer be able to choose your own product.
Product transfer made easy
Click here to complete our product transfer made easy form.
Product transfer for intermediaries
We also offer a product transfer option for mortgage intermediaries, please click here for further information.