Switch your client’s mortgage online

It's simple to switch your client’s deal online

If your client’s already a TMW customer, and they’re eligible to switch using our Online Mortgage Switcher (OMS) service, you can login to TMW Online to:

  • Compare their current mortgage with our latest offers
  • Shortlist the mortgages they’re interested in and compare rates, features and monthly payments
  • Switch their deal online in a matter of minutes

To discuss your client's switcher application, you must have authority from them.

Follow these simple steps to switch.

Be aware - switcher dates

You can switch your client's mortgage up to six weeks before their mortgage deal is ending, although the new rate won't take effect until the current deal expires.

Product switches always take effect from the 1st of the month. Switcher applications must be submitted and accepted, at least five days before this. After this time, the new deal won’t apply until the 1st of the following month.

The table below shows the last date that an application can be submitted and accepted, in order to apply from the 1st of the following month.

Date new deal applies from Last acceptance date
1 January 2018 27 December 17
1 February 2018 27 January 2018
1 March 2018 24 February 2018
1 April 2018 27 March 2018
1 May 2018 26 April 2018
1 June 2018 27 May 2018
1 July 2018 26 June 2018

What do I need to do?

You’ll need to access the OMS by following these simple steps:

  1. Login to TMW Online as normal.
  2. On the welcome screen select ’I want to create or search for a product switch case’.
  3. Then enter the following details to start the process:
    • The first 8 digits of your client's mortgage account number
    • Their date of birth.
    • The sort code of the bank/building society account from which their mortgage Direct Debit is taken (if they don’t pay by Direct Debit, enter their exact last payment amount).

What happens once I’ve logged in?

Follow the steps below to find out how to switch your client’s mortgage using our OMS service.

Step 1 - Check eligibility

Before beginning the application, you should make sure your client has read the 'Things you need to consider before switching' statements.

Then check if your client meets the following eligibility:

  • Their TMW mortgage deal is ending in the next six weeks OR they are currently on one of our revert rates OR they have a tracker product with a switch to fix option.
  • Their mortgage hasn’t been in arrears within the last two months.
  • They don’t have a further advance application in progress.
  • Their mortgage wasn't regulated by the Consumer Credit Act at the time it was taken out.
  • They’re not subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA).
  • Their current mortgage balance isn’t less than £2,500.
  • They have more than two years remaining on their mortgage term.

Please note, the OMS won’t allow your client to change their term/repayment method in conjunction with a product switch. To discuss varying their terms, please obtain their authority or ask them to contact us.

If your client's property is valued at £1 million or over, please submit a paper based application.

Rate switches and further advances

If your client is also looking to borrow more, completing a rate switch first might impact their further advance application.

If your client completes a further advance first, any subsequent rate switch may be charged at a higher rate due to the increased loan to value.

Step 2 - Choose a mortgage

After logging in to the OMS following the steps above, your client should confirm whether they want to add the product fee (if applicable) to their loan, or pay it upfront. The OMS will then show all the mortgage deals they are eligible for. Up to four mortgage products can be compared against:

  • Rates
  • Monthly mortgage payments
  • Mortgage features
  • Fees (if a fee is applicable, your client can pay this up front or add it to their loan).

Please note:

  • Your client won’t be credit scored as part of their application.
  • We’ll use a house price calculator to get an indication of how much your client’s property is worth based on price movements in their region.
Step 3 - Get a full illustration and offer

Once your client has selected the mortgage they want and chosen whether to add the product fee (if applicable) to their loan or pay it upfront, you can create an offer which summarises all the important features of the mortgage, including any fees and charges to be paid.

Sometimes, the OMS isn’t able to generate an offer instantly. Click here for more information.

The offer is valid for three weeks and won’t be binding until your client has accepted the offer and paid the product fee (if applicable).

If your client isn’t happy with the mortgage offer, another deal can be selected by choosing Select New Product

If your client needs to think about the offer, by choosing to Accept Later, the offer will be saved, allowing your client to consider their options before committing to the new deal.

If your client is ready to proceed, you should print or save the mortgage offer before accepting it, otherwise you won't be able access it after accepting. Switch them to the new deal by selecting Accept Now (read step 4 for more information on what happens next).

Step 4 - Switch to a new deal

If your client is happy with the product and fee payment option (if applicable) chosen, you should print or save the mortgage offer. Select Accept Now and the OMS will tell you when their new product will begin. Once your client has accepted the offer, they’ll need to pay any product fee applicable (unless they have chosen to add it to the loan).

You’ll then see confirmation that the OMS application process has been completed successfully. Their new product will begin on the date shown on the offer.

Step 5 - What happens next?

Once the mortgage switch has completed (on the 1st of the month shown as part of the acceptance of the offer), your client will receive a confirmation letter detailing their new mortgage product and monthly repayments.

Your client should receive this letter within the first 5 working days of the month after the switch has completed.

Important information for payment dates that fall within the first seven working days of the month

To comply with regulations, we must provide your client with notice of their new payment before we collect it from their bank or building society. This means if your client's monthly payment is due within the first seven working days of the month, we won’t be able to tell your client their revised monthly payment before their first payment is collected after the mortgage switch.

Therefore, the first payment due following their product switch will be at the follow-on rate detailed in the terms of their existing mortgage. We’ll then adjust the following months payment to reflect any under or overpayment paid in the first month.

To avoid this, your client can change their monthly payment date to later in the month by calling us on 08000 30 40 60.

What about procuration fees?

From 1 August 2017, we’ll pay a gross procuration fee of 0.20% for new product switch applications. Full information is on our procuration fees page.

Any questions?

View our FAQs on switching.