Remortgaging but now unemployed

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OXFORD_SMOGGY
OXFORD_SMOGGY Posts: 685 Forumite
in Mortgages & endowments
I recently was made redundant and am close to my 2 year fix ending. Currently the best deal for a new fix is with the same lender I am currently with. Will they want to see employment evidence still or will they just product transfer without making full checks? The lender is HSBC.
:beer: Printing money since 2008 :beer:

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  • Lilla_D
    Lilla_D Posts: 359 Forumite
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    Not sure about HSBC, but most lenders don't do an employment check when doing a product transfer.
    Having said this, most lenders ask for a declaration that your circumstances haven't changed.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • OXFORD_SMOGGY
    OXFORD_SMOGGY Posts: 685 Forumite
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    Ok sweet so I can just day nothing has changed and same lender should easily product transfer to a new fixed rate?
    :beer: Printing money since 2008 :beer:
  • BLOW_FLY
    BLOW_FLY Posts: 115 Forumite
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    OXFORD_SMOGGY wrote: »
    Ok sweet so I can just day nothing has changed and same lender should easily product transfer to a new fixed rate?

    If they ask you if your circumstances have changed and you say the above, I think that might be called mortgage fraud......

    BF
  • Lilla_D
    Lilla_D Posts: 359 Forumite
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    I didn't spell it out, but that is correct.
    OP might decide to risk it, but the proper solution is finding a new job and applying for a new deal then.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    OP can consider seeing if the lender has retention products online and switch, therefore not needing a credit check
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
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    I'd be surprised if an online transfer with the same lender didn't still require you to somehow confirm that your circumstances have not changed. It goes without saying, of course, that no one is in any way suggesting you lie in your application!

    I'd also be curious in understanding if there is any specific regulation or voluntary code of practice on what your lender should do in these cases. I mean, a new lender may well consider you too risky and refuse you a mortgage if you have been made redundant and are unemployed. But can your current lender refuse to transfer you to a new, cheaper deal for the same reason, or should it, as a "responsible lender", still give you the cheaper deal because by not doing so it will increase your chances of defaulting, force you to cough up more at a very difficult time, etc?
  • OXFORD_SMOGGY
    OXFORD_SMOGGY Posts: 685 Forumite
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    Its my fist remortgage, I have to go with HSBC due to reasons above, I need to do 2 year fix with personal circumstances. We are right on the boundary for the 70% deal I we have 300000 left to pay on the mortgage and the property value is about 410000, one property sold 5 doors down for 395000 about 9 months ago. The fix ends in August, shall I look to lock in a deal now before the house market takes a small dip in the election as usual and I lose out on LTV or should I wait it out and expect mortgage interest rates to drop further, it looks like the market is hotting up competitive wise so maybe they are expecting a drop.
    :beer: Printing money since 2008 :beer:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    What rate(s) have you been offered? The upside compared to the downside needs to be considered. Attention grabbing rates never last for long. Simply a way of generating good marketing for the brand.
  • OXFORD_SMOGGY
    OXFORD_SMOGGY Posts: 685 Forumite
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    It is 1.19% for a 2 year fix 75% LTV, worried the interest may go down again
    :beer: Printing money since 2008 :beer:
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