If you want to make a change
If you want to make a change to your mortgage – from borrowing more to changing your mortgage term or adding your partner to the mortgage – give us a call.
Switching is when you change one Sainsbury's Bank mortgage product for another. Our mortgages have the flexibility for you to be able to do this. It's really important that you consider the costs of making a change such as paying any early repayment charges and any product fees as this could affect your monthly payment.
Want to switch?
Our mortgage advisers are on hand to make sure switching to another product is the right thing for you and can recommend the most suitable product for your circumstances. Give us a call and we can chat through the options.
When you can switch
You can switch your mortgage product:
- at the end of your promotional rate period
- during your promotional rate period if you want to – but you might have to pay an early repayment charge.
How it works
Before your promotional rate period ends, we'll get in touch to give you a rundown of what mortgage products are available to you.
As we checked all your details the first time round, it won't take long to swap you over to a new mortgage as long as you've been keeping up with your repayments. If you want to go ahead, you can apply for your new mortgage product by post or by phone.
If you want to make other changes to your mortgage at the same time
Please call us on 0345 111 8020 **.
We can help if, at the end of your promotional rate period, you want to:
- increase the amount you've borrowed
- change your mortgage term
- take a payment holiday
- move home.
One of our team will be able to talk you through your options.
If you don't switch
If you decide not to switch at the end of your promotional rate period, we'll change your interest rate to our standard variable rate. So your monthly payments might go up.
You might want to borrow more money after you've already taken out a mortgage with us. This is sometimes called further lending or additional borrowing.
Remember that borrowing more will increase the amount you owe, the interest you need to pay and your monthly payments. And you may need to pay other associated fees.
Want to borrow more?
Call us on 0345 111 8020 **. We have plenty of options and we can go through the details over the phone.
When you can borrow more
With one of our mortgages, you can apply to borrow more money after you've made a minimum of six monthly payments on your current mortgage.
How much you can borrow
The minimum extra amount you can borrow is £5,000; the maximum is up to 85% loan-to-value. The interest rate on what you borrow will be on the rates that are available at that time.
How it works
If you want to borrow more money, you'll need to speak to one of our qualified mortgage advisers on 0345 111 8020 **.
They'll check you can afford the bigger monthly payments. They'll also check it won't take your total mortgage lending over our maximum loan-to-value ratio.
Then they'll recommend the right mortgage for your circumstances. If you want to go ahead, you can apply over the phone with us.
Have a look at some of the documents you'll need to apply (PDF, 172KB).
Moving with your mortgage is also sometimes called porting. It means you may be able to move home and keep your interest rate for your current outstanding mortgage balance.
Want to move with your mortgage?
Call us on 0345 111 8020 **. The team will take all of the details and guide you through the process.
When you can move your mortgage to another property
You can apply to move your mortgage to another property at any time as long as you've had it for at least six months.
You can't move your mortgage to another house if you already own that house. We can only move your mortgage if it's for a new house purchase.
How it works
Please call us as soon as possible to let us know you want to move your mortgage.
We'll do a full affordability assessment if you want to move your mortgage and do any of these things:
- increase your loan to value ratio
- borrow more money
- decrease your mortgage term
- add someone to or take someone off your mortgage.
We'll also make sure it's in line with our lending criteria and our maximum loan to value ratio.
What it costs
You'll have to pay for a valuation of the new property. You may also have to pay a product fee if you are increasing your borrowing amount and legal fees will also apply. To discuss these costs in further detail just give us a call on 0345 111 8020 **.
If your new property costs the same as your current home
If we can do a straight swap on the day you move – just one transaction without you redeeming your mortgage first, then having to set up a new one – you won't pay an early repayment charge.
If there are any delays between redeeming your mortgage and completing the new one, we may charge you an early repayment charge and then refund you when you complete the new mortgage.
Please note that this is only applicable for 6 months post closure of original loan.
If you're downsizing
If your new home costs less than your old one, then that's not a problem, as we can reduce your mortgage for you. If you're still within your promotional rate period (number of years that your mortgage has a fixed or tracker rate for) then a repayment charge may be payable on the amount you are reducing it by.
If you're upsizing
If your current mortgage doesn't cover what you need for the new property, you'll need to take out another mortgage for the rest. This will be at a new interest rate.
When you call us, we can go through all the options and find the mortgage that will suit you best. Then you can apply for that mortgage as you did before.
You can request to add a name or take someone off the mortgage at any point in your mortgage term.
Want to change the names on your mortgage?
Call us on 0345 111 8020 **. We'll talk it over and explain what we need to do next.
How it works
Please call us to change the names on your mortgage. When you do, we'll need to check a few things.
If you're adding someone to the mortgage, we'll check they can afford the payments. So we'll do an affordability assessment and check their credit history.
And if you want to take someone off the mortgage, we'll do similar checks to make sure the person or people left on it can still afford to pay it.
If we go ahead, we'll then sort out all the paperwork for you and send it to your Conveyancer so that they can deal with the transfer and arrange for the title to be updated. You will be responsible for all costs in relation to this, so you might want to contact your conveyancer first to get an idea of how much this will be.
You might be able to change how long you have left to pay off your mortgage (your mortgage term). Whether you can, depends on what you want to change it to and your circumstances.
How it works
Give us a call on 0345 111 8020 **. We'll check you're eligible for a change, and we can give you advice on the best change for you.
We'll run through your options with you and let you know how increasing or decreasing your terms will affect your monthly payments. For example, extending your term could mean you pay less on your mortgage every month but you'll pay more interest in the long run.
If you want to go ahead, we'll arrange all the paperwork for you to sign and send back to us.