How to switch your mortgage | Chelsea Building Society
How to switch your mortgage
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Switching your mortgage deal
There are two ways you can apply to switch your mortgage deal with Chelsea Building Society:
Without advice - online
With advice - over the phone.
Without advice - online (execution only)
If you apply to switch your mortgage deal without advice, online, it's known as an 'execution only' application. It’s designed for customers who have a good understanding of the mortgage application process and can be confident they will be able to choose a product that’s suitable for their needs.
It does mean that you won't receive advice on your mortgage switching application. But if you change your mind and decide you'd like some advice, you can swap how you apply from online to over the phone.
Before applying to switch your deal online, you must be aware of:
The product you wish to apply for including the interest rate and its term
Interest rate type e.g. fixed, or variable
The early repayment charges associated with the product
The price or value of the property you are looking to purchase or remortgage
The loan amount you want to borrow
The length of term required.
You should be comfortable choosing the right mortgage without our advice
We won’t advise if the mortgage you select is the right choice for your needs, which means that you’ll be giving up the benefits of Financial Conduct Authority protection on mortgage suitability
We'll still assess whether you can afford the mortgage.
If you're unsure about any of the above, switching your mortgage deal with advice may be more suitable for you.