Mortgage Issue

EDITION

Currently have a mortgage for 110k on a house we bought for 135k 2 yrs ago.

The fixed rate is up in december with the Skipton.

We were going to go with a rate change.

What is involved in this just simply signing that we accept to change the rate? I.e no re-valuing the house or going threw our finances?

Hope that makes sence!

cheers

herbiesjp

If you stick with Skipton then you simply ask them what products you can switch on to - and assuming you are not increasing your borrowing, then they will not ask for any information

If you want to change lender, you will need to do a new application and provide any necessary information - you will need a survey and a legal team to do the transfer for you, however plenty lenders offer free valuation and free legal fees for re-mortgages.

You'd have to see which lenders offer you the best deal

latecomer

I suspect when you get nearer the time they will let you know of the alternative products that they do and how to go about transferring into one. thats what I've had each time I've come to the end of a fixed term.

Locoblade

latecomer wrote: »

I suspect when you get nearer the time they will let you know of the alternative products that they do and how to go about transferring into one. thats what I've had each time I've come to the end of a fixed term.

Yup, but you may need to start looking at alternatives before that time because it seems existing mortgage companies often only send out renewal offers a couple of weeks before the existing deal expires, which is fine if you want to continue with them, but its generally too short a timeframe to switch to another lender without going onto the SVR for a couple of months.

tessie_bear

we remortgaged with the same company after 5 year fixed came to an end and had to pay £200 for the pleasure but did not have to sign or faffel about with any paper work which was all good