How to switch your current Chelsea mortgage to a new rate

This page helps you to switch deal if your mortgage with us is ending in the next four months. No need to apply again, no affordability checks, no conveyancer needed.

We’ve got different information if you want to:

Not sure which deal you’re on?


If you're not sure what deal you're on or when your fixed rate deal ends, log in to online banking and select “My mortgage”.

How to switch rates if you have a product ending soon

This information is for you if you have a fixed rate, tracker or discounted rate that will end before the end of your mortgage term. If you are on our standard variable rate (SVR), find out about how to switch your deal or recalculate your existing monthly payment.
1

We send a reminder

Around 90 days before your current rate is due to end, we'll contact you. We only offer you rates that we know you're eligible for.
2

Review your options

You’ll need your mortgage account number then either find your deals online or speak to our team about your options over the phone.
3

Secure your rate

Agree your new rate online or over the phone. Once you’ve paid any fees, we’ll send a letter to confirm your new rate and the date it will begin. 
4

Look out for a better rate

After you've agreed your new rate, you can still switch again to a better rate on the same terms. You can do this up until two weeks before your new rate is due to start. 

 

Important to know for switches from a current fixed, tracker or discounted product

Does not apply to customers on SVR

Once you’ve accepted your new rate, this is binding. The only exception is if we offer the same product with a reduced interest rate before your new rate starts.

For example: A 2 year fixed rate at 6.99% (75% LTV, £995 fee and free valuation) is withdrawn and replaced with a 2 year fixed rate at 6.49% (75% LTV, £995 fee and free valuation). The only change here is the rate. The other features of the product have stayed the same.

It’s your responsibility to check our current range of mortgage products before your new rate starts.

It’s also your responsibility to switch to a new, lower rate. You can switch as many times as you like up to two weeks before your new rate begins. You can log into your YBS mortgage at any time to check our current products. 

Reasons to stay with us

Choosing a mortgage is a big financial decision. We can offer you a tailor-made range of deals to choose from,
all brought to you from a provider who wants to give real help with real lives.

Owned by you

If you’re a member, the Society belongs to you. Not external shareholders, just customers and people like you.

Part of the community

From educational programmes to improving financial literacy and supporting people in challenging situations.

Reasons to switch mortgage rate

It’s quick and easy 
You can switch your rate in just over a week. It can take between 4 to 8 weeks if you were to move to another lender.

Get a new rate without more checks
No need to apply again. We only offer you rates that we know you can get.

You won’t need a conveyancer
You won't need a conveyancer to switch rate. You would if you remortgaged to another lender.
Woman in cycle gear

What happens if I don't switch?

You will move onto or stay on our standard variable rate (SVR). If you stay on our SVR:
Your mortgage payments could go up or down
You can make unlimited overpayments
You can pay your mortgage off early without any Early Repayment Charges.

Things to consider

Before you switch your mortgage rate, it's important you read the following:
Quick checklist
 
If the mortgage is in joint names you must have the authority to switch rate on behalf of all applicants.
The property should be your main residence.
Your mortgage must have less than one month's arrears and have no more than one missed payment in the last 12 months.
Our service does not support:
​​​​​​​
Interest only mortgages
Moving from another provider
Changes to term or repayment
Borrowing more or making a lump sum payment
If you are trying to do any of these, please call us.

Ready to switch?

If you have all the information to hand and have read the things to consider above, then you are ready to get started.
There are 2 ways you can switch.
Current deal about to end? We need up to 7 days to switch to a new deal. If you choose to switch with less than 7 days of your current deal left, your interest rate may go onto our standard variable rate (currently 7.49% ). This could mean your monthly payment increases.

Apply online

You just need your mortgage account number. You'll find this on any letter we've sent you about your mortgage.
There’s an issue with the mortgage illustration for new deals with a product fee
The ‘estimated total cost’ is wrong. The rest is correct. We’re working hard to fix this. You can still apply online or if you’d prefer to call us, our advisers are happy to help.
Or to switch your buy-to-let mortgage, please call us on

Over the phone

Talk to one of our friendly mortgage advisers
If you would like advice about our mortgage products.
Option 4
9am - 5pm: Mon to Fri
9am - 1pm: Sat

Frequently asked questions

When can I switch deal?

Before your existing mortgage deal ends, we will contact you with details of products you are able to switch to. Once you have told us which product you want to switch to, you can either arrange the transfer to a new product to begin immediately after the current deals ends, or pay Early Repayment Charges (ERCs) to switch to the new product straight away.

What if I don't choose a new product to switch to before the end of my current deal?

If you don’t tell us which product you want to switch to before the end date of your current deal, you will automatically move onto our Standard Variable Rate (SVR). Don’t worry, there will be other products for you to consider, however these may differ from the current range available.

What happens if more than one part of my mortgage is maturing?

When you have more than one mortgage part, we will contact you about each part that is maturing and let you know the products that are available for each one.
If you have more than one mortgage part and these each have different product end dates, then you may be offered an alternative product range for each, as they are designed and created specifically for the time your existing deal ends.

How can I move all mortgage parts onto the same product?

If you have more than one part to your mortgage and the products end in the same month, then you will be offered the same product range for each, so you can take one product and apply this across all applicable parts.

If you have more than one part to your mortgage and your products end in different months, then you may be offered an alternative product range for each, as they are designed and created for different points in time. However, if aligning your part end dates is your priority, you will be able to do this once all parts are on our Standard Variable Rate (SVR). This would mean that you may have a higher monthly payment than if you secured a new product before your deal ended, so you’ll need to have a think about whether if this is the right option for you.

Can I switch my deal before it ends?

Yes you can switch to a new product before your current deal ends, but Early Repayment Charges (ERCs) may apply.

If you choose to switch early, we will share with you what products are available. If you have a part where the product is maturing, and you also have a part that is still within deal, then you will have different product ranges to choose from for each part.

What is the minimum loan size needed to switch?

Currently £3,000 is the minimum loan size that any maturing part(s) will need to meet for you to be able to switch to a new product.

What if my mortgage part(s) don't meet the minimum loan size?

If you have more than one part of your mortgage maturing in the same month that doesn’t meet the minimum loan size of £3000, you may be able to combine the balances of each to take a new product (as long as this combined total exceeds the minimum loan amount).
If you have one part maturing where the balance is below the minimum loan amount, but your total mortgage balance exceeds the minimum, you may be eligible for a product in the future:
For customers with part(s) on Standard Variable Rate (SVR) – If you can combine the part(s) on SVR with the maturing part below the minimum loan amount to meet the minimum loan size, you will be able to choose a new product once that part has matured.
For customers with part(s) tied into products - If you have a part maturing with a balance below the minimum loan amount, but your total mortgage balance is over the minimum loan amount (although tied into other products), you will be able to choose a new product once other parts have matured and are on our SVR.