Mortgage question

[Linnet]

Our mortgage is fixed and the fixed period comes to an end early next year.

If we stay with the mortgage lender we are with at the moment and just move to another fixed rate, do we have to go through the whole rigmarole of proving wages etc like we did when we first took out the mortgage?

Dh's hours have dropped and he is trying to get another job with better hours but there is nothing at the moment. We are able to pay our mortgage and bills perfectly well but I'm concerned that if we have to go through the whole process again they might refuse us then we'd lose the house.

Thanks for any advice

They would do an affordabilty check for any new product which is highly likely to include confirming income - maybe from a P60.

However if they won't give you a new product tthis doesn't impact on your current mortgage so you have nothing to lose by asking.

In my experience, once you have got the loan from a particular mortgage lender, then within their range you can normally move onto a new product without having to re-proove your income.
You would only need to provide income slips if you wanted to re-mortgage with another lender.

atm you might well find that the variable rate is lower than what you're paying at the moment anyway (depending on when your fixed rate started, obv).

Once your fixed rate stops you generally go onto your lender's standard rate - you don't need to take out a new product. To go onto a totally new product you might need another survey and affordability checks - best to check with your lender

I am with C&G and we did not need to do any paperwork/ proof of income when we moved our existing loan over to a new tracker 2 years ago. Did it all with a quick phone call. As we have a fair bit of equity we did not need a valuation, they have a tool to work out roughly the market value at the moment using average price increases for the area.

I wouls also echo advice to check what variable rate is at the moment - C&G is 2.5% at the moment and guaranteed not to move more than 2% over base so our mortgage broker has advised us to stick with that when deal runs out in Nov. You can always look at fixed rates when rates start to move up - they are very unlikely to move up dramatically if at all in the short term.

And don't worry, if they do not approve you for a new product they can NOT take away your existing loan as long as you are keeping up repayments. Homeowners have a LOT of protection from the FSA sgainst repossession.

we are with Nationwide- we have never had to prove anything when moving to new product- even tho hubs is self employed.

we moved onto SVR which is 2.5%

Thanks very much for your answers.

I think we'll probably move to the SVR as it's a lower rate than what we're on just now so it should save us a bit of money.
Here's hoping that dh can find another job before then.

thanks again