Mortgage - how likely?

[Reddog1]

Hi. I was hoping for advice from any IFAs, bank/building soc professionals or mortgage brokers on here. Thank you in advance 🙏

I’m due to remortgage - I’m soon at the end of a ten year deal. There’ll be £110k left on the mortgage which I’ll need to borrow.

Good points:

1. Excellent credit record
2. House worth £415k
3. Stable public sector job since 2005
4. Pay off credit card monthly
5. Outgoings are manageable

Bad points:

1. Interest free loan for new kitchen -£3k outstanding
2. £20,800 annual salary

What are my chances? I’d like a 3 year fix because I want to move/downsize to my home town in 2023.

I have two teens so get child benefit and some tax credits but the older one (17) leaves for university next year so that will halve. I get child maintenance from my reliable ex but unfortunately it’s not court ordered.

I’m 49.

Absolute maximum available most of the time is 5 x annual salary. If you stay with current lender they will change the rate without doing any application being made or any assessments

See what current provider says, if not approach a mortgage broker

I second staying with the current provider. You can often get a new fixed deal without any checks (I’m not a mortgage professional but have done it on own mortgages in the past).

Thanks everyone, I appreciate the replies.
I’d assumed current lender would stick me on the SVR rather than offering me anything better so it’s good to know they probably will offer me a deal.

Unlikely

Who are you with?

Nationwide always send you info about the current deals around this time - you can choose to pay a new product fee for one that costs or go onto a free product that usually has a slightly higher interest rate eg. Last time I remortgaged 1.64% for 5 yrs was £999 and 2.04 for 5yrs was free.

I had £999 and worked out I would save it back over 3 yrs so paid up.

At other times I’ve gone on to the “free” deal.

It was painless - I did it all online. No credit /affordability check/ revaluation of property etc.

You can usually product switch onto a new fixed rate with your current provider without a credit search, so often a good option if you don't meet standard remortgage criteria to go elsewhere.

Once your fixed period runs out you're free to remortgage elsewhere, so your current lender should offer you a new fix in order to keep your business.

Thanks again
I’m with Virgin Money.

I'd recommend staying with the current mortgage provider and just fixing a new rate if reasonable and you won't have to go through credit or salary checks again etc. you may be £100k from another provider if you're lucky but deff not £110k without massive interest amounts

Thank you for your time, Bells. Just hoping they offer me something!

Unless you need to take your ex off the mortgage (ie hence why remortgaging) then I’d just change your mortgage product and stay with the same provider.

We did recently with Halifax and we didn’t need to confirm salary or anything. Just the product that we wished to apply for.

Usual checks were done, ie credit rating etc then it came back as authorised

Thanks Changed.
Luckily, ex not on mortgage.

Good to see the consistent advice - grateful to everyone.