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Mortgage Advise Please

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My mortgage is due up in a few months after having a fixed rate of 4.6% for the last 2 years. When you are getting a new deal with the same company or with a new company do you need to go through … Read More
living legend Avatar
8y, 10m agoPosted 8 years, 10 months ago
My mortgage is due up in a few months after having a fixed rate of 4.6% for the last 2 years.

When you are getting a new deal with the same company or with a new company do you need to go through another credit check? Or because i was accepted for the mortgage 2 years ago do they just accept you if you already have a mortgage?

Any info/help/advise on this would be appreciated , thanks in advance

cheers
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living legend Avatar
8y, 10m agoPosted 8 years, 10 months ago
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#1
have you been a bad boy?
#2
if you change lenders they will do a new credit check but if you stay with your origional one they wont
#3
raptorcigs
if you change lenders they will do a new credit check but if you stay with your origional one they wont


I expect they would if you're taking a new deal rather than carrying on with your current one. Anything to keep you paying the higher rate.
#4
raptorcigs
if you change lenders they will do a new credit check but if you stay with your origional one they wont

That's correct, but it's really difficult to find any good deals. My deal with my mortgage company has just finished the best they can offer me now is 0.6% off their highest rate, but for that there's an arrangement fee of £599!
#5
It would be worth letting your current mortgage company know that as your current deal is coming to an end you are 'actively searching the mortgage market' for the best deal, & ask them what sort of deal they can do for you. In spite of the current financial climate no company will want to see you leave (unless you've been naughty with your payments).
#6
Benjimoron
I expect they would if you're taking a new deal rather than carrying on with your current one. Anything to keep you paying the higher rate.

I've had lots of different deals with the same lender, they've only ever done a credit check when I've moved house.
#7
cis_groupie
It would be worth letting your current mortgage company know that as your current deal is coming to an end you are 'actively searching the mortgage market' for the best deal, & ask them what sort of deal they can do for you. In spite of the current financial climate no company will want to see you leave (unless you've been naughty with your payments).

I tried this with my mortgage company - they just pointed out that they would charge me to transfer the mortgage to another lender! Mortgage companies are not fighting for business at the moment - not a good time for a deal to end.
#8
Just sorted mine out this week. I've been fixed in for 3 years at 4.8% and I am now having to pay 5.8 odd %. It's an extra £150 a month! Nothing else we can do!! Oh and yes, they did do a credit check because I changed lenders.
#9
Thanks for the info guys, i've never missed a payment in the 2 years and never missed a payment for anything on credit, its just that ive lost my current job so im woried that if i dont get another job i may lose my house if im not working as they may not accept me without a job although i can pay the mortgage for the next year without working and im planning on renting after xmas for a couple of years , so is that right that if i stay with my current company theres no credit check? May just do that on a short term deal even if its not the greatest, thanks again
#10
living legend
Thanks for the info guys, i've never missed a payment in the 2 years and never missed a payment for anything on credit, its just that ive lost my current job so im woried that if i dont get another job i may lose my house if im not working as they may not accept me without a job although i can pay the mortgage for the next year without working and im planning on renting after xmas for a couple of years , so is that right that if i stay with my current company theres no credit check? May just do that on a short term deal even if its not the greatest, thanks again

Good luck - I'm sure you'll get another job.
#11
if you are currently unemployed it would be best to stay with your current lender. most companies will not even look at you unless you are in employment. I think that if you are not borrowing extra on the mortgage then you will probably be fine with existing lender. However before you approach them it may be good to get some quotes to see if they can be matched or bettered by current lender

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