Mortage Help

[Firsttimer11]

Hi,

Feeling pretty clueless about what to do. Struggling with the cost of the mortage going up as on a variable rate but I have only just got back to work after maternity and after my husbands business struggles we are in our overdraft regularly so worried about getting a remortage approved. Is it possible to move to a fixed rate with the same provider without having to go through the checks? Also worried about being able to pay to change the mortage?

I'm trying to work hard to get out the overdraft but it will take some time. Not sure if it's better to try to switch now or wait till we are out the overdraft.

Any help would be really appreciated.

we fixed our mortgage last year - it’s not a remortgage so didn’t need any approvals or any assessment. We just rang the bank and they sent me the fixing form and I selected which one we wanted (7 Yr). It tells you the repayments so that may assist your decision. Hope that helps and it works out!

Hi, I’m self employed, single parent always in my overdraft. I went from earning almost double a year ago to much less, almost half now. I would no longer qualify for my mortgage amount.

When it was up for renewal in Dec I just did it all online, no questions or checks required.

I just had to pick an option, click a box to say it was my decision and I understood the consequences of not seeking advice no issues, I’ve never missed a payment.

I didn't have to go through the same checks with my mortgage provider when I remortgaged as I wasn't changing anything else other then switching to fixed rate but I think it depends on your mortgage provider. Check with your bank what they value the property at (ours has gone up each time) so you might be close to another bracket which can also bring the cost down.

No checks if staying with the same
Provider

I've just made a post on mortgages myself.

This is what we're going to do - it's called a product transfer. I can't go through a full remortgage as I'm recently self employed and don't have 2 years of receipts so we'll have to stick with same lender and not have the house revalued etc.

Thank you so much for all your advice ❤️ This is so reassuring to read! Going to get in touch with the bank today and see if I can sort.

Thank you so much for all that took the time to reply. Getting this sorted will be a big weight of our shoulders!

Remember when you’re talking to them - you’re not remortgaging - you’re just fixing your existing mortgage.
remortgaging implies moving banks or changing your mortgage (eg increasing amount or term) which would need credit assessment.
Fixing your existing product is no increased risk to the bank - so should be no credit assessment.
Best of luck with it!