How to Introduce a Rate Switch
Please note that we will accept introduced rate switches/product transfers from the 1st of the month, 4 months prior to a customer’s existing deal ending.
The Society writes to the borrower(s) on the 1st of the month, 4 months before their rate is due to expire to ensure they have sight of our latest products. Once a product has been selected through the borrower(s) chosen channel, the channel cannot be amended for the same product. Clients will need to contact the Society within 7 days of offer if they do not wish to proceed with the rate.
To introduce a rate switch you must be registered with us.
If you aren’t currently registered with us, your first step to submit a Rate Switch is by registering.
If you require account information before you can recommend a new product, please submit a Customer Account Information Request.
If your firm introduced the mortgage to us originally we do not need the customer(s) signature(s) and you can submit an online Information Request form here.
If the customer has not used your firm’s advice services previously the customer(s) signature(s) is required. Proof of ID may be requested if we do not hold electronic files. Please download our Information Request form here. Once completed, please securely email the form to our Business Development team at brokers@monbs.com.
Our Business Development team will confirm receipt and provide the information requested.
If your firm introduced the mortgage to us originally, we do not need the customer(s) signature(s) and you can submit an online Rate Switch form request here.
If the customer has not used your firm’s advice services previously the customer(s) signature(s) is required. Proof of ID may be requested if we do not hold electronic files. Please download our Rate Switch form here. Once completed, please securely email the form to our Business Development team at brokers@monbs.com
If a further advance is required please support the Rate Switch request with the relevant mortgage application form. If a mid-term amendment is required please refer to the mid-term amendment form. All of the relevant forms can be found here. Once completed please email the form to our Business Development team at brokers@monbs.com
Our Business Development team will confirm receipt of your request and ask our Mortgage services team to prepare the ESIS and paperwork and post directly to the customer. We will send you a copy via encrypted email.
You have 7 days from the date of the offer to review the agreement with your client. If we do not hear from you within 7 days, we will proceed to apply the changes to the mortgage.
Details of the effective date can be found on the offer letter.
We will then either apply the new rate:
- On the first working day after their existing deal expires, or;
- If the existing deal has no Early Repayment Charges or is on our Standard Variable Rate, the new rate switch product requested will be effective after the 7 day cooling off period.
