Switching Your Mortgage Product

If your current mortgage deal is ending, or you are on our Standard Variable Mortgage Rate, then you might be wondering how to switch your mortgage to a better or more suitable deal. Read on below to find out more about switching mortgages with Newcastle Building Society.

What happens when my mortgage deal ends?

We write to all customers with a fixed term mortgage that is coming to an end 8 to 10 weeks ahead of the mortgage maturity date with details of our latest exclusive products based on the current valuation we have for your home.

At Newcastle Building Society we like to reward our loyal mortgage customers, we therefore have a range of existing customer exclusive rates that aren’t on our website that offer preferential deals to what new customers can access.

Another advantage of remaining with Newcastle Building Society is as we already have all of your details, moving your mortgage to a new rate couldn’t be easier. If you are happy to transfer to a new product without the need for mortgage advice, you can do this by completing a simple form and we don't need to carry out any credit checks or see you payslips again.

If you are unsure what product to transfer onto or your circumstances have changed, we offer a free, fully advised interview service with one of our qualified mortgage advisers. Simply call us on 0345 606 4488. We have appointments available from Monday to Friday, 9am to 5pm.

What's more, if you wish to transfer to one of our current mortgage deals we would be happy to arrange the transfer before your current mortgage term matures. To say thank you for your continued loyalty we will waive any Early Repayment Charges (if applicable) which means you could potentially save money earlier.

If you do nothing when your current deal comes to an end, your mortgage will usually revert to our Standard Variable Rate.

What happens if my product isn't maturing and I'm looking to switch mortgage products?

You don’t have to wait until your existing product ends to review your mortgage. If you would like to review your mortgage at any point, please call us on 0345 606 4488.

We have appointments available from Monday to Friday, 9am to 5pm.

Your ability to switch mortgage products will depend on a number of factors, including the terms of your existing deal, the value of your property, the amount of your loan which is still outstanding, and whether your circumstances meet our lending criteria. Our qualified advisers will be happy to talk you through everything, including whether you will be able to switch your mortgage, and which is the best mortgage deal available that suits your needs.

What happens if I don’t switch to a new mortgage deal?

If, after discussing your options with one of our mortgage advisers, you decide that you don’t wish to switch to a new deal, your mortgage will revert to our Standard Variable Rate. This product offers you the flexibility of being able to make regular overpayments, with the added incentive of no early repayment charges and no transfer costs.

Please note that any variations currently applied to your interest rate will continue to be applied to the Standard Variable Rate in line with the terms of your original mortgage contract.

To speak to one of our qualified mortgage advisers, call us on 0345 606 4488.

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.