How much credit checking do banks do on remortgage?

[Harridan1981]

Just that really, looking to re-fix at end of term,maybe shorten term, and wondering if there is a credit check? I know you don't have to submit proof of income etc again.

I've always had to provide proof of income for a remortgage. We regularly remortgage to fix at the end of the fixed term and have always had to provide three months pay slips.

They will do the same checks as they did for the first one as far as I'm aware, it's not like the "know" you and things can change in 2-5 years. It's not going to be a soft check is it, it will be full.

Are you concerned for any reason? Do you have credit checking apps? I use credit karma and it's not bad!

We have never fixed with the same provider... it may be different if you are!

I've fixed before with same provider

They didnt do any checks
But I had a very high amount of equity in the house.

My parents fixed with the same provider, didn't have to provide anything

Is it with the same bank? If yes, then mine just let us remortgage with no checks at all.
If it's with another bank you will have to go through the same financial checks as with your first mortgage.

When we remortgaged (18 months ago), I'm sure we that we discussed affordability (we'd had a baby so had nursery fees etc to consider) and they then did the credit check that was 'light' to check that we had a similar profile with an explanation that any discrepancy in what we had declared in our affordability assessment and the initial check would lead to a full review. It was staying with the same provider with a better loan to value ratio and all payments made on time in case that makes a difference

If it's a switch with the same lender then it's technically called a product transfer, not a remortgage and unless you are changing mortgage term or borrowing more, there is no affordability check with a product transfer.

As previous poster said, there are no real checks with a product transfer. There is if you are shortening term. I was advised to overpay my mortgage each month rather than officially shortening my mortgage term if I wasn't sure how the checks would go.

If you want to change the length of your mortgage you need to do the checks again. For a straight remortgage you don't.

We remortgaged last month, with additional borrowing for house renovations.

We asked our broker about credit checks, he said some companies do, some don't.

This remortgage we didn't get a credit check, which surprised us as we were borrowing extra (but well under affordability). However still needed to provide bank statements and wage slip.

The previous remortgage, they did a credit check on DH but not me. Again we had to provide wage slips and bank statements etc.

We're quite happy with our provider so probably won't change unless their rates go drastically bonkers. Would just be looking for a new fix. Can't so it until the summer anyway.

In terms of shortening the term, I think I'd rather keep the term as it is and overpay. That way we have more flexibility if the cost of living elsewhere continues to go nuts. We have about 75 percent equity, so mortgage comparatively small.

If you remortgage to a new lender then it's the full works. Credit search, income proof, bank stats and valuation
If just a product switch with existing lender then generally they don't credit check or ask for anything (can't say this is for all lenders though)
We are with Nationwide and I switched to a new rate end of last year. Did it all online and they even gave me the option to reduce the term by a year or so. Took five mins to do it all and I did it in Dec time when my current rate was tied in until end of Feb

Yes, I think we can switch 3.5months before the end of our current rate, which seems a bit random.

We're staying with same bank and have been advised no checks or paperwork required....thank god 😆 as we've since had Dc1

We're switching early as things are only going to get worse!!!

Indeed. I'd love to switch now but have to wait until August 🤷

@Harridan1981 nationwide let us switch early , I think it was 3 months so do check. And no checks if same provider.

When I was coming to end of fixed term last year I tried to remortgage with another lender but after getting offer in principle failed the affordability check (I had reduced my working hours since original terms put in place). Fortunately could get a good but not quite as good a deal with existing lender who didn't do checks - guess that makes sense as they had already lent me the money!