Switching is when you take out a new mortgage on a property you already own with a new lender to replace your existing mortgage.

Yes, you must notify the FHS of your intention to switch your mortgage through the FHS customer portal.

The FHS switching rules are as follows:

  • If switching to a Participating Lender, there is no requirement to redeem (buy back) the equity share.
  • If switching to a non-Participating Lender, there is a requirement to redeem (buy back) the equity share in full including any accrued service charges.
  • If you borrow more money against your property (this is known as a mortgage top up) as part of the switching process, you must retain at least 10% equity in your home post top up.