for borrowers

Making simple changes to your mortgage

When you're looking to make changes to your mortgage

Our Mortgage team are here to help you, if you have any questions or would like to speak to one of the team simply call us on 0345 601 3344.

Changing your bank account?

Under the new Current Account Switch Service any standing order payment or direct debits will be automatically transferred over to your new bank account. Customers are able to nominate their switch date and the banks have undertaken to make the switch happen within seven working days.

If you simply want to change the bank account that your monthly mortgage payment is taken from, please complete and return our Direct Debit Mandate, we require the original form to set this up i.e not an emailed copy, please send the form to our Freepost address: FREEPOST THE CAMBRIDGE BUILDING SOCIETY.

Additional borrowing

You may want to borrow more money, maybe for home improvements like a new kitchen, an extension or a garden makeover. Or maybe you want something else, like a new car, that special holiday, school or university fees, or to pay off other loans.

With a mortgage from The Cambridge, borrowing is more straightforward.

We can agree extra borrowing to suit your circumstances and, when the money has been paid to you, we'll adjust your monthly payment. A solicitor may be required in some circumstances.

Before agreeing your new loan, we’ll need to be satisfied that you can afford the payments. In preparation for your mortgage interview your Mortgage Adviser will ask you to provide confirmation of your existing income and your outgoings.

If your house purchase falls through before completing

If the vendors withdraw their property from the market, or if you change your mind, you should advise your solicitor and Mortgage Adviser as soon as possible. Early notice may help to reduce any legal fees incurred and your Mortgage Adviser can pause the admin process while you decide what to do next.

Changing your solicitor during the conveyancing process

If you have lost confidence in your solicitor during a house purchase or sale, you should speak to a senior member of the firm to try and resolve any issues before deciding to change. One option might be to transfer your case to another solicitor within the firm, who may be better placed to help you. In general, the earlier you make the decision to change, the better, as penalty payments may be incurred if you fail to complete having exchanged contracts. You should also consider the question of payment to the first solicitor for their work to date, this payment will be determined by the terms of agreement you will have signed at the time of appointment.

The Solicitors Regulation Authority (SRA) website sra.org.uk offers further help. 

Adding or removing a name on your mortgage  

When life changes you may need to change the people who are responsible for making the mortgage payments. This is known as a transfer of equity.

When you applied for your mortgage, we looked at your income and spending commitments to make sure you could afford the repayments. This condition still applies; we will need to look at the income and outgoings of everyone who will be named on the mortgage to make sure it remains affordable both now and in the future. At this time we can also discuss if a new mortgage type or rate would better suit your needs.

Firstly, you’ll need to make a new appointment with a Mortgage Adviser and provide documents which support your income and outgoings. You should also seek legal advice to ensure your financial interests are protected.

Thinking of moving home?

Did you know many of our mortgages are portable. You can keep your existing mortgage or get a different rate, we can help you with the details. Simply call us to find out more.

Changing the term of your mortgage

You may be able to change the term of your mortgage, call our team to find out how we can help. 

Changes to your repayment terms

Some mortgages allow you to switch your repayment type. For example you may wish to change from an interest only mortgage over to a repayment mortgage, our team can talk through your options. 

Review your Home Insurance needs regularly

If your circumstances have recently changed, make sure your insurance cover is sufficient for you and your family’s needs. We can help, take a look at Home Insurance from The Cambridge or call us on 0345 601 3344.

Making overpayments

Paying more into your mortgage account can help you pay off your mortgage before the term ends and also make way for underpayments. You’ll need to check to make sure your mortgage allows this, and be aware of any early repayment charges. Take a look at our overpayments guide, or speak to a member of the team who will be happy to help.

Money app

You can manage your mortgage account online with The Cambridge Money app. Call us today on 0345 601 3344 and we’ll get you set up.

 

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