Switching Products



To proceed with providing advice to your client, they must be within 3 months of their current deal ending, and at the beginning of the process, you will need to return a signed Letter of Authority to us.

Step 1

How the process begins

When your client is within 3 months of their existing deal ending, we will contact them with the products they are eligible to renew.
Step 2

Broker Authority

For us to discuss your client's mortgage details with you, you will need to complete a Letter of Authority Form and return it to mortgageretentions@thevernon.co.uk.

Step 3

Requesting an Illustration

Review the Existing Borrower Product Guide for our range of retention mortgage products. We will send you an enquiry form, where illustrations for products can be requested.
Step 4

Processing the Switch

We will send you the ESIS with a Mortgage Application Form, so that you can process the documents with your client.
Step 5


Once we have processed your client's application form, we will send you and your client full details of the product switch. Your procuration fee will be paid by BACS credit in the month following completion of the mortgage.

Important Information


  • The APRC figure calculated in the illustration will be affected by any additional fee charged by the mortgage adviser. This fee must be made clear to us upfront, to accurately reflect this in the illustration. This fee must be made clear on the returned enquiry form.
  • LTV eligibility is calculated using an indexed valuation we hold on our systems.
  • All products listed on the website may be withdrawn or replaced at any time, meaning availability is limited. If we have produced an illustration for a product, this constitutes a securing of the product for the switch if the acceptance is returned to us.
  • The minimum remaining balance must exceed £10,000. The remaining term on the mortgage must exceed the length of the product chosen for the product switch. These are both calculated from the date of the proposed switch.
  • The new product chosen will only take effect once the current product matures. (Unless currently on SVR, at which point the switch can take place as soon as the acceptance form is received.)
  • The client must be up to date with their mortgage repayments and has been for at least 12 months, to offer them a new product.


Additional Information


  • A Procuration Fee of 0.20% (minimum £150, with no maximum) of the remaining balance will be paid. This figure is calculated at the time of producing the illustration for the switch. If the renewal is processed through a network/club, we pay a fee of 0.22%, with the extra 0.02% going to the network/club.
  • No affordability checks, credit checks or revaluations will be required when completing a product switch.
  • Our products may be portable to a new mortgage on a different property. The applicant would need to meet our credit and affordability requirements for the new mortgage, the new property would need to be acceptable to us, and approval of a new mortgage would be subject to our prevailing Lending Policy.

Sign up to our newsletter

You can unsubscribe at any time. For how we use your data, visit our Privacy Policy.