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Apologies if this is a silly question but: I'm currently tied into a 3 year deal on my mortgage. It's due to end towards the end of this year. When it does I'll be wanting to go straight into another fixed term deal with the same lender.
If I stay with them and don't want to change the mortgage term or anything like that, is it relatively straightforward to arrange?
Will they want to go over affordability all over again and need to see wage slips etc?
It's not a problem, I just remember it being a bit of a pain and I stress easily. I know if I was wanting to change the terms or borrow more they would need to go over everything but I'm not.
I think your lender would transfer you onto another product quite straightforward, but remortgaging shouldn't be a complicated process either and might get you a better deal?
If you remortgage with the same lender and you don't want to borrow more or change the term of your mortgage, add or remove someone, then they won't ask for wage slips or go through affordability.
Where I work you could either have an advisor go through all your options or you can chose the product yourself without advise. They would then send the new product info out for you to sign and send back and it doesn't take too long.
I'm not sure if it's the same with all lenders but the bank I work for allows you to select a new product up to 90 days before your current product end, so you can get a new product in place before your current product ends. It's amazing the amount of people we get who call a few days before their product ends expecting to go straight onto the new product when the old one ends. We need 5-7 days to process a remortgage and if you go onto the SVR your next monthly payment will be a lot higher and people love to complain about it
Thank you for the replies, that's good to know.
Tuckingfypo You see mine ends in November and I'm already starting to think about it. Can't believe some people leave it so last minute, madness! Thank you for all that information.
Why don’t you want to look elsewhere out of interest?
Also, you could be securing your new rate around this time, as many of them have a 3-6 month lead time.
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