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Switching your mortgage
What to expect when switching your mortgage deal
You have three options for applying to switch your mortgage.
If you'd like advice on which mortgage to switch to, you can apply by phone or in branch. If you're comfortable choosing a mortgage without receiving advice, you can switch online.
If you’re happy to choose your own deal you can switch online. Just so you know, when you decide to switch online you’ll need to make your own choice about which mortgage meets your needs. The Financial Conduct Authority have rules about how we make sure we recommend a suitable product for you, choosing your own deal means you don’t benefit from these rules and you may choose a product less appropriate to your needs.
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When you pay more than your monthly payment we do three things:
When you switch, we include your current balance and the overpayment reserve when working out your loan to value (LTV). The rates available to you will depend on your LTV band – the higher your LTV band, the higher the rate you’ll pay. Your overpayment reserve increases your LTV, but may not mean you move to a higher LTV band. When you switch to a new deal, you’ve got two options with your overpayment reserve:
This means you won’t be able to underpay on the overpayment reserve you’ve removed after your switch, but your LTV will be lower and may mean you pay a lower rate if you move to a lower LTV band.
This means you’ll be able to use your overpayment reserve to underpay after your switch, but your LTV will be higher and may mean you’ll pay a higher rate if you are in a higher LTV band.
If you’d like to find out more about how your overpayment reserve could impact your mortgage, please call us on 0800 30 20 11.
If you switch by phone, one of our Mortgage Consultants will advise you on the best new mortgage deal for your situation.
Your call will last 1-2 hours and it's a good idea to gather documents together on your current mortgage and outgoings before your call.
Call us now to start your mortgage switch 0800 171 23 71
When you apply in a Nationwide branch, one of our Mortgage Consultants will advise you on the best new mortgage deal for your situation.
You’ll need to make an appointment in advance by giving us a call, or popping in to your nearest branch. Your appointment will last around 2 hours, and if you’re making a joint application, both applicants will need to be present.
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Next: Completing your switch