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Mortgage help

(6 Posts)
Shakey1500 Thu 23-Jul-15 09:41:22

We're on a fixed term mortgage which ends in Dec. If we stay with the same provider and either go straight onto their current rate or another fixed term, do we have to reapply/provide salary details etc? Thanks

LIZS Thu 23-Jul-15 09:45:26

We're just doing this and have reserved the fixed rate even though can't switch until October. Some deals you pay an upfront fee, some you don't. You need to weigh up the relative costs and risks over time. Afaik we won't need to be reassessed as we are staying with same lender and are reducing the loan to value.

Shakey1500 Thu 23-Jul-15 09:49:37

Thanks. Yes I'm fine with the risks/costs etc but wasn't sure if we had to supply payslips and other financial/employment gubbins and apply and be "approved" again. It's a paperwork nightmare!

Wasn't aware you could reserve a rate? Will look into that thanks smile

Shakey1500 Thu 23-Jul-15 17:31:08

Bump

bettybyebye Thu 23-Jul-15 17:46:17

We remortgaged with our existing lender in may, was very easy and straightforward. Had a 15 or so minute phone call where they asked me to confirm salary, outgoings etc, why I wanted to fix for the period of time that I did and was approved after that. No need to send in any payslips or bank statements etc. We could have got a slightly better rate with a new lender but not having to apply, provide all the paperwork and wait a month for a decision was well worth staying with the existing lender for us. Also our mortgage wasn't due to be renewed until August but they allowed us to take advantage of the new lower rate from may. We were a very straightforward remortgage tho - no additional borrowing or term change, I imagine it would be different if this wasn't the case.

BackforGood Thu 23-Jul-15 17:53:13

When we've changed 'products' at same lender, we've not had to provide all that malarkey as proof - I think just told them, but when we've changed lenders, then we have had to provide all the evidence.

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