This paper proposes a new mathematical model to describe the switching characteristics of thyristor-based HVDC converters when there are low or subsynchronous frequency ripples present in the DC current. The conventional modulation theory assumes valves conduct at equal time intervals, which is not valid when ripples are present. The new model accounts for unequal conduction times due to ripples affecting firing pulses. Simulations of a 7-node hybrid AC-DC system show the new model accurately captures harmonics from switching, unlike the modulation theory. The new model provides a better understanding of harmonics generated under low frequency disturbances in HVDC systems.