Online Mortgage Switcher FAQs

Account queries

How do I switch my client's mortgage online and what do I need?

Login to TMW Online and access the Online Mortgage Switcher through the Product Switch option on the application menu.

You’ll be required to enter the following details about your client's mortgage account:

  • Account number
  • Date of birth
  • Either sort code or exact last payment amount

Once you’ve logged in to your client's mortgage account, you’ll need to enter some details about the service you are providing.

Can my client increase their loan?

Your clients can’t apply to increase their loan amount as part of a product switch. Applications for further advances will need to be submitted using normal channels.

If your clients have already applied for, or are going to apply for, a further advance they’ll need to wait for that to complete before they can apply to switch product. Further advances aren’t available for regulated cases.

My client has a further borrowing/advance. Can they switch?

Your client can apply to switch online providing the further advance application has been completed. Please note further advances aren’t available for regulated cases.

Can my clients extend the term of the loan?

Your clients can’t apply to extend their term on regulated cases, but it’s acceptable for non-regulated cases.

When can my client switch their mortgage?

Your clients may be able to switch if they're currently within a deal period, however, they may incur an early repayment charge by doing so. Please refer to your client's current mortgage offer for more details.

If the current product has the 'switch-to-fix' feature

Your clients can apply to switch to a fixed rate during the Early Repayment Charge period. Product switch start dates are always the 1st of the month and the date the switch occurs depends on the date they accept the product switch offer. The date will be confirmed when they accept the offer.

If the current product is ending

Your clients can apply for a product switch up to 6 weeks before the current product end date. The product switch start date depends on the date they accept the product switch offer but will be no earlier than their current product end date. The date will be confirmed when they accept the offer.

If the current product has ended

Your clients can apply for a product switch at any time. Product switch start dates are always the 1st of the month and the date the switch will occur depends on the date they accept the product switch offer. The date will be confirmed when they accept the offer. DHLL & Emex mortgages don’t currently have this facility.

When will my clients mortgage switch complete?

Product switches always complete on the 1st of the month. The date on which you or your clients accept the offer will determine which 1st of the month the product switch will complete. The date will be confirmed as part of the online offer acceptance process.

When will my client receive their mortgage statement?

Mortgage statements are sent annually on the month end of the anniversary of the mortgage, e.g. if your clients received their funds on 15 May, annual statements will be sent at the end of May.

Can my client change from interest only to repayment or vice-versa?

Your clients will need to contact Account Servicing to arrange for the change to their repayment method before you can arrange the product switch.

If your clients have already applied for, or are going to apply for, a change in repayment method you’ll need to wait for that to complete before you can apply to switch product.

What happens if my client doesn't switch to a new product?

If your clients don’t switch to a new product then their mortgage will continue on the current terms and conditions. Please refer to their original offer for full details of the applicable interest rates etc. You may still use the Online Mortgage Switcher at a later date if your client's mortgage account is eligible at that time.

Will the interest rate change?

If your clients choose a fixed rate product, the interest rate will remain unchanged for the period specified. If your clients choose a variable rate, then the interest may change.

When the product ends, your client's mortgage will revert to an agreed revert rate which is variable.

The offer generated will provide detailed information.

What happens when my client's current mortgage deal ends?

Your clients will be sent a 'Product Maturity' letter in the month prior to maturity and they’ll be given at least 10 days’ notice of future rate and payment change.

If your client doesn't switch prior to the end of their current deal, the account will move onto the revert rate detailed in their mortgage offer.

Eligibility queries

Who's eligible to switch online?

Your client is eligible to switch if they meet the following criteria:

  • They're a TMW customer.
  • They're within 6 weeks of their current deal ending or no Early Repayment Charge is payable, eg. the product deal has already ended or your clients have a product with a switch-to-fix incentive
  • They haven't had arrears in the last 2 months.
  • They don't have a further advance application currently in progress.
  • The minimum loan amount exceeds £2500.
  • They have more than 2 years remaining on the mortgage term.
  • The mortgage wasn't regulated by the Consumer Credit Act at the time it was taken out.
  • Please note, clients subject to a Bankruptcy Order or Individual Voluntary Arrangement aren’t eligible to complete a product switch.

My client has a further advance application in progress

Should your clients want to complete the further advance application in progress, we’ll be unable to provide a product switch offer.

If your clients don’t want to complete the further advance application, we’ll require instructions from your clients to cancel the application. This can be included with the paper application form for the product switch.

My client has an Early Repayment Charge

Should your client want to proceed with a product switch application, we’ll require payment of the Early Repayment Charge up front before we issue an offer. Your clients will need to contact us on 08000 30 40 60 in order to find out the Early Repayment Charge amount due and to make the payment.

What's the earliest my client can apply for a switch?

If the current product has the 'switch-to-fix' feature, you can apply on your clients' behalf to switch to a fixed rate during the Early Repayment Charge period.

If the current product is ending, you can apply on your clients' behalf for a product switch up to 6 weeks before the current product end date.

If the current product has ended you can apply on your clients' behalf for a product switch at any time.

My client’s a Limited Company and it says on the web they can’t switch online

Limited companies may complete a product switch using the Paper Application through a mortgage adviser.

Will a credit search be completed during the switcher process?

No, as your clients are existing customers, there is no need for us to complete a new credit search as part of the switcher process.

Offer queries

Can my client have more than one product offer?

No. You can choose the most suitable product for your clients, which will generate an offer. Your clients can choose to accept that offer, let it expire (an offer is valid for 3 weeks), or you can create a new offer. The new offer will supersede any previous offers.

What happens if my client doesn't accept the offer?

Your client can only have one offer at any one time. The offer will expire 3 weeks after it has been made. Your client's product switch application will not be processed any further unless you or your client accept the offer within the 3 weeks of the offer being made.

My client doesn't want their current offer can they get a new one?

If you or your client haven’t accepted the offer - from the offer acceptance screen start the process again by pressing the "NEW PRODUCT" button. No fees are chargeable for this.

If you or your client have accepted the offer and it has not completed, you’ll need to cancel the offer first. Your client may do so online or via telephone. Only a customer may cancel an offer.

If the offer has completed then your client will need to pay the applicable Early Repayment Charge to switch to another product unless they have a Switch-to-Fix incentive on the new product.

Fees and payment queries

Does my client need to change their direct debit?

No - we’ll use your client's existing direct debit details to make changes to the payment. If they don’t want us to use the existing direct debit details they must instruct us of the new details by calling 08000 30 40 60.

How will I know what my client's new payment will be?

The Online Mortgage Switcher will display an indicative monthly payment for the products for which your clients are eligible. The products and their monthly payments are shown on the 'view products' page. When the product switch completes a letter will be sent to your clients to confirm the new monthly payment.

All of our product switch options are ‘monthly rest’ accounts, where the account balance as at the date of offer is used to calculate the monthly payments. If your client has an ‘annual rest’ interest only account, where the account balance at 31 March is used to calculate the monthly payments; you may find that the indicative monthly payment displayed on the ‘view products’ page varies to the amount displayed on the personalised offer. Please note that the figure displayed on the offer document is the figure that is being agreed to upon confirmation of the switch.

How can my client pay the arrangement fees?

The arrangement fee may be paid up front (we take payment for this online) or it can be added to the mortgage. If choosing the latter, the fee will be added to your client's mortgage when the product switch completes. Please remember, that if your client chooses to add the fee to their mortgage balance, they'll be charged interest on it over the term of the mortgage. They can’t change the way they pay the fees after they have produced the offer.

It won’t accept my client's payment what do I do now?

Please check that the details have been entered correctly.

If the card details are correct: we aren’t permitted, or able, to give any information from the card supplier therefore please contact the card supplier to rectify any problems or try a different credit/debit card if possible.

In the unlikely event that there’s a technical problem, please try again later. The application will be saved for you or your clients to access at a later time.

Can my client pay the arrangement fee by cheque?

If you’ve created your client's offer using the Online Mortgage Switcher, the entire process needs to be completed online and therefore they can’t pay by cheque. If you’ve received a paper offer through our paper application process, please refer your clients to the information contained in the offer pack.

What are the fees/charges for switching

An arrangement fee may be charged, depending on the product your client selects.

There is no valuation fee, the value of your clients property will be indexed automatically to provide a current value which will be used to determine which products they’re eligible for.

There are no legal fees payable for product switching. However your client may consider taking legal advice, which may incur fees.

What fees are refundable?

If the arrangement fee is paid when the offer is accepted and your clients change their mind prior to completion, we’ll return the arrangement fee.

If they choose to add the arrangement fee to the loan when the offer is accepted, then no money will have been taken and therefore no money will be returned.

Once the switch completes, your clients can’t cancel and therefore the arrangement fee is non-refundable.

Your clients can cancel the switch 5 days prior to completion using the Online Mortgage Switcher. If it’s less than 5 days to completion, they can cancel the switch by calling us on 08000 30 40 60.

Will I receive a procuration fee for submitting a switcher application?

No, procuration fees aren't paid on switcher applications.

Completion queries

My client's completed the online switch aplication process. What happens next?

The product switch will be completed on the product switch completion date. On that date the new product will start and any fees that your clients have chosen to add to the loan will be added to their mortgage balance. A confirmation letter, which will show their new payments, will be sent to your clients shortly after the product switch completes.

Cancellation queries

If my clients change their mind are there any fees to pay?

If the arrangement fee is paid when the offer is accepted and your clients change their mind prior to completion, we’ll return the arrangement fee.

If your clients choose to add the arrangement fee to the loan when the offer is accepted, then no money will have been taken and therefore no money will be returned. Once the switch has completed, your client can’t cancel and therefore the arrangement fee is non-refundable.

Your clients can cancel the switch five days prior to completion using the Online Mortgage Switcher. If it’s less than five days to completion, they can cancel the switch by calling us on 08000 30 40 60.

If my clients switch to a new product, can they switch back or cancel?

There are no fees to pay if your client cancels their switch prior to completion.

If your clients have accepted an offer they may cancel up to 5 days prior to the switch being completed, using the Online Mortgage Switcher, or up to a day prior to completion by calling 08000 30 40 60.

How can my client cancel an offer they haven't accepted?

You can cancel an offer on your client’s behalf by simply creating a new offer or letting the offer expire by not clicking 'accept'. The offer is valid for 3 weeks after it has been made. After 3 weeks the offer will expire and no longer be available.

How can my client cancel an offer they've accepted?

Only your clients can cancel an accepted product switch - mortgage advisers aren’t permitted to cancel an accepted product switch.

Your clients can cancel using the Online Mortgage Switcher up to 5 days before the product switch is due to complete. They’ll need to login to OMS where they’ll be taken to the product confirmation page. If your clients' are within the time frame to cancel, they’ll see an option to do so. Alternatively, they can ring us on 08000 30 40 60 up to a day prior to completion in order to cancel.

What's the latest my client can cancel on a switch?

Only your clients can cancel an accepted product switch - mortgage advisers aren’t permitted to cancel an accepted product switch.

Using the Online Mortgage Switcher your clients can cancel up to 5 days before the product switch completion date. They can also cancel up to a day prior to completion via telephone.

Help queries

Why can't I access the Online Mortgage Switcher

Please check with your clients to make sure that you’ve got the correct details. If you still can't access the switcher, then please call 0800 545 31 31.

Does switching mortgage products affect my client's house insurance?

No

Can my client switch over the phone?

No, you're unable to complete a product switch over the phone. Please use the Online Mortgage Switcher or submit a paper application.

Can my client pay less on their mortgage during some months?

No

Can my client make extra payments with their new product?

This depends on the product chosen, please see your client's offer.

Can my client repay their mortgage at any time?

Yes, your clients can repay their mortgage at any time. Depending on the product chosen at product switch, an early repayment charge may apply. Please refer to your client's offer.

If the Bank of England interest rate changes how will it affect my client's mortgage?

This depends on the product chosen. Variable rate mortgages indexed to the base rate will change, in line with existing terms and conditions.

Your clients affected by this decrease will see a change to their mortgage payments, we'll write to them in advance to notify them of their new interest rate and monthly payment.

What's my client's mortgage balance?

Once you log in to the Online Mortgage Switcher, this can be found on the product selection screen which shows you a summary of your client's account and current product.

What paperwork do I need to complete?

The product switch can be applied for online where there are no paper forms to complete. We’ll produce an offer for your clients, which they can access immediately. Once they have read the offer, they can accept the offer and submit the application through the Online Mortgage Switcher; we’ll then complete the application on the date advised when they accept the offer.

If you switch using our application form. Complete the form and send it to: The Mortgage Works, Portman House, Richmond Hill, Bournemouth, BH2 6EP. We'll then send an offer to you, which you'll need to sign and return. You can have a broker involved, but this is not necessary.

We’ll produce an offer for your clients which will be sent to you and your clients in the post. Once your clients have read the offer they can either return the acceptance form enclosed with the offer and return it to us for processing or accept the offer through the Online Mortgage Switcher and avoid form filling.

Why can't I cancel the application on behalf of my client?

Only your clients can cancel their application once the new product has been accepted. Please ask your clients to log on to the Online Mortgage Switcher or call us on 08000 30 40 60 to arrange for the accepted offer to be cancelled.

What's a TMW (UK) PLC Managed Rate?

It’s a variable rate with no upper limit or cap. The Managed Rates will change to reflect changes in general interest rates, the law, regulation or changes in our costs. They aren’t tied to the Bank of England base rate. The Managed Rate to which the product will revert to is shown on the product selection screen and in your client's offer.

We hope we have answered the most common questions above, but if you’re still unsure about something, you can contact one of our experienced advisers on Broker Chat.