Mortgage / remortgage question?

15
Posted 29th Mar
hello all,

just need some insight on the issue below.

I've just got a mortgage 2 year fixed, showing my wage with an employer. I recently got offered a self employed job before the virus issue.

when it comes to the end of 2 years could I remortgage with the same company without them checking my credit file or wage slips?

also I'm guessing if I wanted to add extra amount of money to the mortgage loan after the 2 years, they will do a credit search and want the wage slips or accounting file if self employed at the time.

thanks in advance
Community Updates
Ask

Groups

15 Comments
If you don't change anything within the agreement, i.e term or anything else and it's just a case of remortgaging then they don't do any sort of new application, you just get whatever there rate is for that product. You can't change or do anything new or adjust anything else it would be a new application. You can still over pay as per your agreement if you so wish.
2 years is far away, especially when we don't know how things will be 2 months from now.
Rusty8229/03/2020 11:55

If you don't change anything within the agreement, i.e term or anything …If you don't change anything within the agreement, i.e term or anything else and it's just a case of remortgaging then they don't do any sort of new application, you just get whatever there rate is for that product. You can't change or do anything new or adjust anything else it would be a new application. You can still over pay as per your agreement if you so wish.


Thank you for the information.
jaspreet1729/03/2020 12:59

Thank you for the information.


As far as I'm aware anyway...

I wanted to lower the term on my deal but stay with the same lender and that would result in what you are talking about, a credit search and them checking affordability.
here is some info. it would look to be no credit checks if you let it carry on at the lender's variable rate but credit checks if you remortgage to get another mortgage deal

telegraph.co.uk/per…ds/
I think the above will be true if you want to drop on to the lender’s standard variable rate...the huge problem with that being that there’s a big change this will be at a much higher rate than your current 2 year rate. You’ll be able to see this and the increase in cost in your mortgage documents.
mutley129/03/2020 13:06

here is some info. it would look to be no credit checks if you let it …here is some info. it would look to be no credit checks if you let it carry on at the lender's variable rate but credit checks if you remortgage to get another mortgage dealhttps://www.telegraph.co.uk/personal-banking/mortgages/happens-fixed-rate-mortgage-ends/


Thinking if I could be on a new fixed rate rather than variable rate after 2 years. Surely if you stay with the same company they wont do a check as you been with same lender for 2 years ...
Same lender with no change = no check
Same lender with either additional borrowing or reducing term = check required
Remortgage with different lender = check required
Rusty8229/03/2020 11:55

If you don't change anything within the agreement, i.e term or anything …If you don't change anything within the agreement, i.e term or anything else and it's just a case of remortgaging then they don't do any sort of new application, you just get whatever there rate is for that product. You can't change or do anything new or adjust anything else it would be a new application. You can still over pay as per your agreement if you so wish.


Not true. You can apply for a product transfer within the same mortgage company without any resubmission of proof of anything. Please don't comment if you don't know what you're talking about.
AngelBomber29/03/2020 13:13

I think the above will be true if you want to drop on to the lender’s s …I think the above will be true if you want to drop on to the lender’s standard variable rate...the huge problem with that being that there’s a big change this will be at a much higher rate than your current 2 year rate. You’ll be able to see this and the increase in cost in your mortgage documents.


You can transfer onto a new fixed rate within the same mortgage company without any additional checks.
cossy329/03/2020 15:03

Not true. You can apply for a product transfer within the same mortgage …Not true. You can apply for a product transfer within the same mortgage company without any resubmission of proof of anything. Please don't comment if you don't know what you're talking about.


Yeah you can take what products they have but the details for the agreement can't be changed, i.e the length of term.
Rusty8229/03/2020 15:05

Yeah you can take what products they have but the details for the …Yeah you can take what products they have but the details for the agreement can't be changed, i.e the length of term.


Yes I know. The OP doesn't want to change the length of the agreement so irrelevant.
cossy329/03/2020 15:25

Yes I know. The OP doesn't want to change the length of the agreement so …Yes I know. The OP doesn't want to change the length of the agreement so irrelevant.


Calm yourself. Being locked up clearly having a negative impact on your brain or are you always a tw*t?
jaspreet1729/03/2020 14:09

Thinking if I could be on a new fixed rate rather than variable rate after …Thinking if I could be on a new fixed rate rather than variable rate after 2 years. Surely if you stay with the same company they wont do a check as you been with same lender for 2 years ...


here is info on remortgaging with the same lender. it seems to say that you won't need to go through a credit check but it does state "some lenders may not require an additional credit check as you have a proven track record", which means some lenders will.

but it does sound like you won't have to go through a credit check if you stay with the same lender.

moneytothemasses.com/own…der
Rusty8229/03/2020 15:28

Calm yourself. Being locked up clearly having a negative impact on your …Calm yourself. Being locked up clearly having a negative impact on your brain or are you always a tw*t?


I'm perfectly calm thanks. It seems to be you that's getting into a tis here.
Post a comment
Avatar
@
    Text

    Discussions