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Switching your mortgage without advice from Derbyshire
Home Loans Ltd
If you choose to proceed without advice on an Execution Only basis. You will not receive any advice and/ or a personal
recommendation from Derbyshire Home Loans Ltd as to whether the mortgage and its product and features meet
your specific requirements. You will need to make your own decision on the suitability of the change to your mortgage
to your individual needs and circumstances.
If you’re unsure about what to do and require advice about which option is best for you, please contact
your existing Mortgage Adviser. They will be able to review your needs and circumstances, and
recommend the most suitable course of action. If the most suitable course of action recommended by
your Mortgage Adviser is to switch your DHLL mortgage this application form will need to be completed.
Please note a fee may be charged for their service. If you don’t have a Mortgage Adviser and require
advice, please visit unbiased.co.uk for further details.
What to do next
Review the Product Guide - www.tmwdirect.co.uk/existing-customers/dhll
Send your completed and signed application form to:
The Mortgage Works
Portman House
Richmond Hill
Bournemouth
BH2 6EP
When we receive your application, we’ll confirm your eligibility against our criteria and, subject to
approval, send you a detailed mortgage offer. Your mortgage offer will contain all the information about
your product selection, including your new monthly payment. If you’re happy with the offer, sign and
return the Product Switch Acceptance Form to us. We’ll then switch your mortgage to the new product. If
we don’t hear from you, your account will remain unchanged. The offer is valid for 28 days from the day it
is produced.
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Buy to Let Switcher application form
To start the process of switching your mortgage on to a new deal on an Execution Only basis, please read and complete the following details:
Section 1
Mortgage Account Number
Please note that the product you select will be applied to all loans linked to this mortgage account number.
Section 2
Please indicate the mortgage product you’d like to switch to. Subject to eligibility we will send you a mortgage offer which will contain all the
information about your selection, including your new monthly payment. If you’re happy with the offer, sign and return the Product Switch
Acceptance Form to us. The interest rate will be based on the product available to you in relation to your current estimated LTV. Full details of
these rates can be found on the product guide.
2 Year Fixed Rate 5 Year Fixed Rate Lifetime Variable Rate
Section 3
Some products include an early repayment charge (ERC). Details of the ERCs and the Managed Rate applicable to your new product are
included in the Product Guide and will also be provided as part of your mortgage offer.
Your current mortgage may have the option to borrow back any overpayments that you’ve made. Our new products no longer have this option
so if you switch to a new deal you’ll no longer have access to this feature. By signing Section 4 of this application form, you’re confirming
acceptance of this.
Please read carefully as the following information may be applicable to your mortgage:
As part of our commitment to continually improve, and in order to proceed with your application, we will need to make some changes to the
way interest is calculated, if your mortgage interest is currently calculated daily.
The key difference between your current terms and the new terms is the way in which interest is calculated, when payments are received (or
fees applied). Currently when payments are received (or fees applied), the balance for calculating interest reduces (or increases) by the
amount of the payment (or fee) on that day, with an adjustment being made to the interest charged for the rest of the month. From the date
of the transfer, we will no longer apply an interest adjustment when we receive a payment (or apply a fee). We will calculate interest for the
following month on the new balance.
Your existing Mortgage Conditions will, subject to the above changes, continue to govern your mortgage from the date that we transfer the
part or parts of the mortgage that are switching onto a new product. Should you have any concerns about the impact of these changes we
suggest you obtain independent legal advice. To proceed with the product switch, all borrowers must consent to these changes.
Where all or part of your mortgage is on an interest only basis, you’re only paying off the interest owed and not reducing the amount you
borrowed on interest only. It’s important you have plans in place to repay the amount you borrowed on interest only at the end of the
mortgage term.
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Section 4 Declaration
You (each of you if more than one is applying) agree and declare as follows:
1. You must have adequate buildings insurance in place which covers the cost of rebuilding the property.
2. You are not bankrupt or insolvent.
3. For interest only mortgages, you have an adequate repayment plan in place to repay the mortgage at the end of the term.
4. Fixed and tracker rates are limited offers and may be withdrawn at any time.
All borrowers will need to agree to this change, please confirm your (all applicants) consent below:
Full Name …………………………………………………………… Signature …………………………………………………………. Date …………………
Full Name …………………………………………………………… Signature …………………………………………………………. Date …………………
Full Name …………………………………………………………… Signature …………………………………………………………. Date …………………
Full Name …………………………………………………………… Signature …………………………………………………………. Date …………………
INTERMEDIARY - PLEASE NOTE:
If you’re an intermediary, please don’t fill in this application form. For customer use only.
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