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
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.
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 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 .