Ready to switch to a new mortgage deal?
If you’ve already got a Lloyds Bank mortgage, we’ve made it simple to switch online.
- The fastest way to switch deals. Our telephone and branch advisers are much busier than usual at the moment, so we’ve made it easy for you to arrange your new deal online.
- Switching a joint mortgage? You can now do that from home too. Just select your new deal and we’ll take care of the rest.
- No legal fees or valuation charges. And, if you’re in the last three months of your current deal, we’ll even waive all early repayment charges as a thank you for staying with us.
- We’re here to help, if you need us. If you’d like some advice, or start online but decide you need some help, our mortgage advisers will be happy to discuss your options with you.
- A bonus for our Club Lloyds customers. Get an exclusive 0.20% discount when you switch to a new Lloyds Bank mortgage. You’ll need a Club Lloyds current account when you apply. (Discount does not apply to Negative Equity, offer can be withdrawn at any time).
If you’re on a payment holiday or have asked to take one, you can switch deals online if your current deal is coming to an end or if you’re on one of our lender variable rates.
You could lose your home if you don’t keep up your mortgage repayments
Frequently asked questions
- 1. Jump to What are my options when my deal is ending?
- 2. Jump to Which variable rate will apply when my deal ends?
- 3. Jump to When can I switch deals?
- 4. Jump to How do I know which deal to choose?
- 5. Jump to How can I apply?
- 6. Jump to What do I need to apply online?
- 7. Jump to What happens when I apply for a new deal?
- 8. Jump to What happens when I proceed with an application?
- 9. Jump to What happens if I change my mind?
- 10. Jump to Will I have to pay any early repayment charges?
- 11. Jump to Will I be charged any fees?
- 12. Jump to Can I borrow more or make changes?
- 13. Jump to Can I move home and keep my new deal, even if I move during the fixed rate period?
Frequently asked questions
What are my options when my deal is ending?
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.Back to top
Which variable rate will apply when my deal ends?
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.Back to top
When can I switch deals?
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.Back to top
How do I know which deal to choose?
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 would like to talk to a mortgage adviser please ask us to call you back.Back to top
How can I apply?
If you want to apply for a new deal, you can choose the way to apply.
If you would like to talk to a mortgage adviser please ask us to call you back.
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.Back to top
What do I need to apply online?
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.Back to top
What happens when I apply for a new deal?
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.Back to top
What happens when I proceed with an application?
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.Back to top
Will I have to pay any early repayment charges?
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.Back to top
Will I be charged any fees?
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.Back to top
Can I borrow more or make changes?
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.Back to top
Can I move home and keep my new deal, even if I move during the fixed rate period?
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.Back to top
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Telephone calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service.