RateSwitch review October 2020

RateSwitch is an online platform that ensures you're on the best available deal from your mortgage provider.

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It’s not always easy to remain aware whether you’re on the best deal with your mortgage provider. A significant section of the mortgage market is paying more interest than necessary. RateSwitch is an online tool that aims to change that.

This tool saves its customers an average of £2,423 a year. What’s more, it’s completely free to use.

RateSwitch currently works with 38 lenders and is working to add more to its list of partners.

If your lender is one of them, you may as well give it a go. It’s so quick and easy to use that you have nothing to lose.

How does RateSwitch work?

RateSwitch only requires basic information about your mortgage, including the name of your lender, the size of your loan and your property value. From there, it will present a full list of mortgages available to you.

This will include deals only available by applying directly and those only available through brokers. These are the deals you won’t find on traditional price comparison websites.

There’s a mortgage calculator available, allowing you to easily work out how much money you could save.

RateSwitch will even initiate the switch with your lender.

Why would I stick with my mortgage provider?

With so many lenders competing to offer the best deal, why might you only be interested in comparing mortgages from your existing provider?

For many people, the main reason is that remortgaging can stressful, time-consuming and expensive. Switching mortgage providers involves a credit check and there’s no guarantee you’ll be accepted for a new deal, especially if you have a poor credit score.

On the other hand, there are rules in place that make it easier to be approved for a better deal from your existing lender. These “transitional rules” state that mortgage lenders must offer you its cheaper rate if you can afford your repayments on its higher rate. What’s more, there’s no need for a lengthy application or credit check.

While a remortgage can take weeks, a switch with your existing provider can be completed within a day.

Is RateSwitch safe?

RateSwitch is regulated by the Financial Conduct Authority, so is bound by the same regulations as all major financial companies must abide by.

It promises not to share your data with third parties beyond what is necessary.

How do I get started?

Visit RateSwitch.uk and enter the name of your mortgage provider. If your provider has partnered with RateSwitch, enter your details and you’ll be presented with a list of deals within minutes.

RateSwitch pros and cons

Pros

  • RateSwitch is free to use.
  • It presents all available deals from your lender, even those usually only accessed through brokers.
  • You can switch mortgages within 24 hours.
  • It’s regulated by the Financial Conduct Authority.
  • If you want to switch, RateSwitch will handle communications with your lender.

Cons

  • RateSwitch only compares deals available through your existing lender.
  • It is currently only partnered with 38 lenders.

The bottom line

RateSwitch provides the easiest method of checking whether you’re on the best deal from your mortgage provider. It’s a useful tool, although it’s recommended to compare this deal with those available through other lenders.

Frequently asked questions about RateSwitch

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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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