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Original poster

Remortgaging but have been made redundant

25 replies

Dingdong99 · 13/02/2023 19:52

My mortgage is up for renewal in a few months

However, I've been made redundant and I'm wondering, if I re-mortgage with the same lender, will they not run a credit check and see I'm unemployed

Bit screwed otherwise!!

OP posts:
caffelattetogo · 13/02/2023 20:08

Sorry to hear about your job. Yes, you should be ok with the same provider. Can you apply earlier?

LaFlottes · 13/02/2023 20:59

If you stay with the same lender you will only have to choose one of their deals so don’t worry, they have already leant you the money.

It just means that you can’t shop around with other lenders.

Sorry about your job, I hope you get something sorted soon.

GettingItOutThere · 13/02/2023 21:25

sorry to hop onto your thread, but even staying with the same lender, does it not require a full credit check again?

i thought it did

TheFlis12345 · 13/02/2023 21:28

We just renewed and no checks were done.

GettingItOutThere · 13/02/2023 21:42

TheFlis12345 · 13/02/2023 21:28

We just renewed and no checks were done.

what if you wanted to borrow more/with equity in the house?

Printef · 13/02/2023 21:45

Can confirm no checks needed if you just hustle yourself through online with your current lender. Mine didn’t ask salary or anything - I just put in house value, mortgage size and what the remaining term was and it offered 2,3 and 5 year deals, sent a pdf illustration to my email and told me it was a new payment of X from the 1st of the following month.

I was completely unemployed at the time and told no lies.

Greensleevevssnotnose · 13/02/2023 21:47

We had to provide 3 payslips each but my friend on mat leave said they didn't. Maybe lender specific?

Swannning · 13/02/2023 22:03

Maybe depends on the lender. We are with Nationwide and our broker just sorted it out with no forms or anything which worked in our favour as DP has retired from his megabucks job

TheFlis12345 · 13/02/2023 22:06

GettingItOutThere · 13/02/2023 21:42

what if you wanted to borrow more/with equity in the house?

Show quote history

Oh if it was a change of mortgage rather than a standard renewal I would absolutely assume there are checks as it’s a completely different agreement.

OnTheBoardwalk · 13/02/2023 22:07

With mine I didn’t have any checks whatsoever, I renewed all online but I did choose the same as I was currently paying with no additional cash and no house revaluation

m00rfarm · 13/02/2023 22:10

They will renew on a standard deal, but not offer anything special. If you want a NEW deal with the same mortgage company, then you WILL have to go through the entire process again. So you will end up probably paying more for your mortgage which is a pain, but they cannot take the mortgage away from you.

WyldeSwan · 13/02/2023 22:17

The other option would be to just go on to your current lenders svt once your current deal ends, then look at getting a new fixed deal once you've a new job, if you wanted the option to look at other lenders.

blueshoes · 13/02/2023 22:21

Whatever deal you take with the lender, try to ensure that there are low fees (even if it means accepting a higher monthly interest rate) and the right to redeem at any time. Once you have found your new job and are back on your feet, you can remortgage the f_ck out of there.

Dartsplayer · 13/02/2023 22:31

We were in this situation a couple of years ago when DH got made redundant. Turned out our provider had the best deal on the market at that time anyway so it worked for us

SilentHedges · 13/02/2023 22:46

How does anyone know no checks were carried out? The provider isn't likely to say "Btw we did some background checks, without you knowing" if everything is above board. However, if it isn't, surely that's fraud?

Badbudgeter · 13/02/2023 22:58

No credit checks with my bank either (Santander) when renewing.

blueshoes · 13/02/2023 23:25

Most mortgage terms would require you to disclose to the bank if your circumstances changed. A redundancy would fall into that category. However, if you keep up with your mortgage payments, I doubt the bank would want to rock the boat anyway. Just stay with this bank for now and stabilise your job situation first.

OnTheBoardwalk · 14/02/2023 00:26

@SilentHedges because any search soft or hard would have appeared on my credit check thingy I do every month

Twiglets1 · 14/02/2023 07:10

We renewed with the same lender in 2021 and hopped onto a new deal. They didn’t ask for any details from us at all. Just wrote offering us a new deal as our fixed rate was due to expire in 3 months.

Twiglets1 · 14/02/2023 07:12

Twiglets1 · 14/02/2023 07:10

We renewed with the same lender in 2021 and hopped onto a new deal. They didn’t ask for any details from us at all. Just wrote offering us a new deal as our fixed rate was due to expire in 3 months.

Adding to that - it was a new fixed rate deal at a very good rate so no need to shop around for something better elsewhere.

Original poster
Dingdong99 · 17/02/2023 18:46

Thank you all for your replies, very reassuring as I was starting to panic

OP posts:
LaFlottes · 17/02/2023 18:56

Glad you are reassured. Just remember, the bank has lent you the money already - over a term of 20 years or however long.

It’s only your deal that is expiring, and you just choose a new one.

The only downside is not being able to shop around, but that’s not the end of the world 🙂

Notyetthere · 17/02/2023 23:57

Honestly, don't worry. Some of the replies are misleading.

What you want to do is a switch to a new product with your current lender. You keep the amount borrowed the same, and don't change the term. Basically, keep everything the same, and you just switch to one of their new products. They won't do checks for this. If you change any of these parameters, then I believe that becomes a remortgage which might trigger a credit search, income, affordability, etc.

I have found that our banks have always had competitive retention rates for their existing customer, so we never bothered to move to a different lender. We only moved to another lender when we wanted to borrow more.

Jadeshack1 · 19/02/2023 21:17

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This has been deleted by MNHQ for breaking our Talk Guidelines.

KatiePerrier · 19/02/2023 21:20

I renewed my deal with NatWest recently - no checks at all.

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