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Switching mortgage deal....can someone explain? Quick question!

(17 Posts)
Pinkknickers Mon 12-Feb-18 07:53:43

So, this is the second house we have bought but with our old house when the fixed term ended on the mortgage we didn't fix again as it cheaper for us to stay on the basic rate at the time so I have little experience with switching deals. So my question is, when our current deal ends in a few months time, if we stay and fix with our current lender (Nationwide) will we have to provide bank statements, salary info all over again or is it easy just to switch? I can't find anything online to answer this question. Thank you

WhatsGoingOnEh Mon 12-Feb-18 12:22:43

My mortgage is with Barclays, so not exactly the same. But I switched to a new fixed rate term with them last year, and didn't have to provide any details at all.

I've got access to online banking for my mortgage, and there was a section on the website where I could just choose a new deal and switch over straight away.

pestov Mon 12-Feb-18 12:24:17

How long have you had mortgage for? If you passed MMR then you might be ok - check with lender

Babyiwantabump Mon 12-Feb-18 12:36:42

I’m with nationwide and switched last month- it was easy all done through online banking and didn’t need to provide any info etc.

MickeyLuv Mon 12-Feb-18 13:07:55

Same experience with Halifax when my fixed rate ended, I switched to a new deal online, no paperwork/statements/salary details needed at all. It was very straight forward.

miasmith Mon 12-Feb-18 13:48:06

If you’re not increasing the borrowing and staying with the same lender you won’t need to provide info again.

Pinkknickers Mon 12-Feb-18 13:59:43

Thank you for all your replies. We have a couple of months but I like to prepare. Good to know it's quite straight forward.

Notyetthere Mon 12-Feb-18 15:18:13

We are with Nationwide too and during the switch we didn't have to provide anything as long as we didn't increase the borrowing, or change the term.

headoutofthesand Mon 12-Feb-18 15:52:23

We've switched mortgage products a few times. When we've stayed with the same lender, we haven't had to provide anything BUT our house has always increased in value and our incomes have either stayed the same or increased. This time, we're switching lenders to get a better rate and, whilst it is straightforward, it has been a hassle finding the relevant paperwork, arranging a time for the surveyor to come around etc. But it will save us a few hundred pounds so worth it.

Pinkknickers Mon 12-Feb-18 16:23:23

Is the house re-valued when you switch with same lender?

slashdragon Mon 12-Feb-18 18:10:55

When you switch with same lender they value it off a database and don't send anyone round. Just done this with Santander.

Notyetthere Mon 12-Feb-18 21:43:50

Yes the house is revalued. Nationwide use their house price index here;

https://www.nationwide.co.uk/about/house-price-index/house-price-calculator

When we switched last year the new valuation matched the figure that came out that index.

LostInTheLaundry Tue 13-Feb-18 09:44:56

Oh, I was told (Nationwide, 2 years ago though) that we couldn't use a new valuation without starting a new mortgage application ie we couldn't do a product swap. That's good news if they do now use a revaluation.

TeaAnd2Sugars Tue 13-Feb-18 09:47:04

@babyiwantabump do Nationwide ask if you've had a change of circumstances when you switch products?

Babyiwantabump Tue 13-Feb-18 10:54:10

@TeaAnd2Sugars not as far as I recall - I have dropped to part time at work and I don’t think they asked anything like that. I wasn’t extending the term or borrowing anymore though - just changing from the BMR I was on to a fixed deal .

TeaAnd2Sugars Tue 13-Feb-18 16:48:54

Thank you! Sorry to hijack your thread Pinkknickers, sounds like it's very straight forward to swap.

ZBIsabella Tue 13-Feb-18 17:11:24

I just tried that tool and it sais my house had more than doubled since 2003 which is not the case. I would be surprised if I got the 2003 price today.

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