Let us guide you through the steps for switching to a new deal
Existing customers could save over £300 a year on average by switching to a new mortgage deal, compared to paying Homeowner Variable rate.
The £300 average saving is based on current fixed rate mortgage deals and assumes that the current Homeowner Variable rate of 4.24% doesn’t change.
As a Club Lloyds current account customer you could take advantage of an exclusive 0.20% discount on your initial mortgage rate, when you switch to a new deal online, over the phone or in branch.
If you have a Lloyds Bank mortgage you can switch to a new deal if:
There are no legal fees or valuation required but depending on the mortgage deal there may be a product fee to pay. We'll also waive any early repayment charges on existing deals with 3 months or less to run.
You can switch your new deal online, in branch or over the phone. Whichever way you apply, the same deals will be available.
If you don’t have a Lloyds Bank mortgage then you’ll need to visit our Remortgaging page to see if you can switch from your current lender.
It’s sometimes possible to take a product rate with you to a new mortgage, we often call this porting.
Advice from a mortgage advisor is not available with this option.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
If your current Lloyds Bank mortgage deal is ending and you do not want to switch to a new deal, you do not need to do anything. You will be automatically changed onto one of our lender variable rates.
Your offer letter will tell you the lender variable rate that will apply at the end of your current deal. This is usually the Homeowner Variable Rate. However, if you applied for your current deal before 1st June 2010 it could be the Standard Variable Mortgage Rate.
The Standard Variable Mortgage Rate is no longer available so if you choose to switch deals, you will never be able to go back to the Standard Variable Mortgage Rate.
You can arrange to switch to a new deal if you are on one of our lender variable rates. As a concession, you can also switch deals if your existing deal has 3 months or less to run. If your existing deal has more than 3 months left to run you can still switch your deal, however you may have to pay early repayment charges.
You can't switch to a new deal during a payment holiday or if your mortgage is currently in arrears under the care of Collections or Recoveries.
Our current mortgage deals are based on how much you owe on your mortgage in relation to how much we think your property is worth. This is known as your loan to value (LTV) and it is expressed as a percentage figure.
Use our mortgage calculator to view our current deals and compare monthly payments.
If you apply online you will need to decide which deal suits your circumstances best.
If you want to talk to a mortgage adviser for advice about your options you can call us on 0800 783 3534 (lines are open from 8am-8pm Monday to Friday and 9am-4pm on Saturdays. We’re closed on Sundays and Bank Holidays) or book an appointment in branch. It’s a good idea to make sure that everyone named on the mortgage can attend the appointment or call.
If you want to apply for a new deal, you can choose the way to apply.
If you want advice from a mortgage adviser then you can book an appointment in branch or call us on 0800 783 3534 (lines are open from 8am-8pm Monday to Friday and 9am-4pm on Saturdays. We’re closed on Sundays and Bank Holidays.)
You’ll be asked about your needs and circumstances. This will enable our mortgage adviser to recommend the most suitable deal for you.
If you have any interest only borrowing and you are looking for a new deal, we may ask you to provide suitable documentary evidence of any repayment plan you have in place.
You are responsible for making sure that you have a lump-sum available to repay any interest-only loans at the end of the mortgage term.
You can also apply online but if you do, you cannot get our advice and will have to make your own choice about the most suitable product to suit your needs.
If you want to apply online it'll take about 10 minutes and you'll need your mortgage account number to hand. Check your latest mortgage statement or logon to Internet Banking to view your mortgage account number.
If you're not registered for Internet Banking yet, it's easy and only takes about 5 minutes. Find out how to register.
If you apply in branch to switch to a new deal you will receive an illustration showing your new monthly payment and a declaration. As you have received advice, you will also receive a Reasons for our Recommendation letter.
If you apply over the phone then you will receive an illustration showing your new monthly payment and a declaration in the post and by email (if you have provided an email address). As you have received advice, you will also receive a Reasons for our Recommendation letter.
If you apply online you will be able to view your illustration showing your new monthly payment and declaration online, you can also accept your new deal electronically. We’ll send you paper copies in the post for your records.
Sometimes we’ll ask you to transfer the whole of your mortgage onto our latest mortgage conditions. If we do, you'll get a copy of these at the same time as you get the illustration and declaration. Take time to read all these documents before you agree to the transfer - they are really important.
If you have any interest only borrowing and you are looking for a new deal, you must have a repayment plan in place and apply over the phone or in branch. We may ask you to provide suitable documentary evidence.
You will need to agree to proceed with your application before we can make you a formal offer.
When you agree to proceed with the application we will make you a formal offer. You should read your offer carefully to make sure you are still happy to go ahead. You do not need to do anything else unless you change your mind.
We will send you a letter telling you when the transfer will take effect from and when we will start collecting your new monthly payment.
Product transfers usually happen on the first of the month after you make your application. However, sometimes it can take a little longer, for example if you make your application near to the month end or you don’t return any paperwork quickly. If this happens, the transfer will usually take effect from the first of the second month after you make your application.
If you change your mind after submitting your application you will need to contact us immediately.
Check your latest statement or sign in to Internet Banking, to see if there will be any early repayment charges to pay, if you switch some or all of your mortgage to a new product. As a current concession, early repayment charges that would otherwise be triggered by the switch are waived if there are 3 months or less to run on your existing deal. This waiver does not apply to other transactions which might trigger the payment of an early repayment charge, such as a lump sum overpayment.
If your existing deal has more than 3 months left to run, you can still switch your deal, but the waiver would not apply, so you may have to pay early repayment charges. Find out more about early repayment charges.
There are no legal fees or valuation required but depending on the mortgage deal, there may be a product fee to pay. You'll need to check our current deals for full details. Any product fees can usually be added on to your mortgage on completion but you will be charged interest on the fees.
If you are looking to borrow more at the same time as switching to a new deal, or you want to make a change to the term or repayment type of your existing mortgage, you will have to contact us to discuss your needs and circumstances with a qualified mortgage adviser.
When moving home, you’ll need to apply for a new mortgage, as you’ll be borrowing against a different property. However, you may be able to keep your existing deal; this is often called Porting. Find out more about moving an existing Lloyds deal to another property.