End of fixed-term mortgage: what happens if I want to stay with same lender?

[KrillBrill]

Hello, I would appreciate some help in understanding the process when changing mortgage products with the same lender. Our 5-year fix is coming to an end and prior to this we always remortgaged with another bank. I am however starting to realise, that I would likely get the same rate with my current bank as any other providers. So would be interested in understanding how much hassle it saves when one stays with the same bank. Could someone please explain what happens in terms of affordability checks, determining monthly payment and the mortgage length, house valuation...etc? Is all of this assessed again or do we just switch to a higher interest rate but remain on the same overall length? Thank you very much for any help!

I’ve also just done it. Just went on the app. Checked the deals, selected one and job done.

Also with Santander

I just stayed with Nationwide for the same reasons. Other lenders had large fees, so it wasn’t worthwhile to swap, even if the rates were marginally lower.

Have repeatedly done this with NatWest.. Done online, competitive, easy, few clicks and done

It varies by lender. Barclays is 60% LTV for the better rates.

We were sent new rates about 3m before our fixed rate came to an end, a few days later the bank of England put up interest rates. We phoned up our bank and they said if we booked an appointment with them now they would honour the rate they offered us a few days earlier. The Liz Truss budget came out a week later and by the time we had our appointment the interest rate available had gone from 3.8% to 6.8% in 2 weeks. We remortgaged at 3.8% for 5y, the switching was all covered in that less than 1h phone appointment. It was very straightforward

Interesting about the 3 months in advance. Usually we start looking 6m before the fix ends, so don't know how I will feel in the 3 months when I could start the process with another lender but will be waiting for NW to make their offer. But I guess in our case NW will be a very comparable offer to others.

You could approach them?

Do you need to be looking 6m in advance?

I don't know, to be honest, it is just what I am used to from previous remortgages.

A piece of advice ..
When renewing, don't forget to advise them that you want to pay upfront the arrangement fee (if there is one) or it will be added to the loan & added interests incurred which is annoying when trying to overpay.