Mortgage, switching deals question

[Pinkknickers]

We have a mortgage with Nationwide, we had a 2 year deal which will soon be coming to an end. We would like to move to a new deal before we jump to variable rate which will see our mortgage cost increase by £200ish a month! So my question is, if we switch to a new mortgage product with our current provider do we have to go through a new application, proving income/outgoings/payslips etc again? It's a faff! Buy would like to get myself in order before we switch. Thanks.

I don't have much experience but where I work (a bank) if you're an existing customer going onto a new fixed deal you don't need to go through affordability again, so you don't need to send in proof of income or outgoings. Unless you were extending or reducing the term of your mortgage, going through transfer of equity or taking out an additional loan.

It might be different with other lenders though, I'd probably give them a call and ask them what the process would be

Just what jumble said, it depends lender to lender. Often you speak to them or sometimes they write with other products they can do. They send you a kfi+ or an esis with a form to select the product and to sign. If you don't need 'advice' then is quickest.

I would get a whole market broker and go for the best deal that way rather than just stay with the same provider.

I sent my broker 3 payslips for each of us, 3 months of bank statements and a proof of address for each of us. Took me 30 mins max to get it all out, scanned and sent.
He did all the legwork and I got a new deal in about 3 weeks. It completed today. I had to fill out a couple of forms but well worth it.

We did this last year and didn't need to do it all again as we moved to a new fixed rate without increasing or extending the loan. We chose to have the house revalued as it had gone up in value and this allowed us to access a better fixed rate deal which reduced repayments by £400 a month.

Just done this with a different provider. Didn't have to supply any income details but had to sign a 'disclaimer' to say I hadn't taken any financial advice from them.

Thanks all

I have just switched with nationwide. You can do this all online and it is very painless. They do make you have an appointment if you want to reduce the term or increase the borrowing amount. I would go on tjeir online calculator and work out which deal you want on there. Then sign In and switch.