Britannia Remortgage - questions for existing mortgage customers

jawster

Hi - was wondering if anyone going through a Britannia Remortgage as an existing mortgage customer can tell me what the process is?

The website has fixed rates up for existing borrowers that aren't broken down by LTV ratios so I assume that LTV is not taken into account hence I don't have to worry about a valuation?

Also do they go through the whole credit and income checking?
Our income has reduced but not sure if this is taken into account or they base their decision purely on our record with them?

Any help appreciated - thanks

lisyloo

They don't need to do a valuation or legal work.
What you ar referring to is a simple product switch and not a re-mortgage.

You edo need to tell them about your change in circumstances but if they have already agreed to lend you the money, then there's nothing they can do about it, they are committed.
Worst case they could refuse your new product but I think that's unlikely as Britannia are pretty good.
They don't need to do any credit or income checks as they have already taken the risk and have already given you the money.

jawster

Thanks for that lisyloo.

Didn't realise that it's not classed as a remortgage (being a bit dense!) - I guess they have already given the loan so unless I plan to borrow more there's no purpose to credit checks etc.
Also the lack of legal work is a bonus I hadn't twigged before.

Just wasn't sure if they'd still let me have one of their decent fixed rate offers or due to my changed circumstances they'd force me to stay stuck on their SVR.

Britannia do seem to be one of the good ones regarding how they treat customers - partly why I chose them in the first place so fingers crossed they'll let me have a new fixed one when the time comes!