Lowering mortage interest rate

LionKing

Hi,

I currently have a self cert residential mortgage with Halifax Bank Of Scotland however it is a Bank Of Scotland mortgage product.

The mortgage rate is 5.69% and i have no current tie in. I have called BOS to reduce rate and they are only offering 5.49% on 2 year fixed...very poor offering to existing customers.

The frustrating part is BOS do not allow any simple migration options to Halifax mortage products (cheaper rates to existing customers) even though they are the same company!

The only option i have is to re-apply for a new mortgage as a new customer (according to Halifax customer service rep).

Although i can afford my mortgage payments, my financial situation has changed and i am worried a new application may decline me.

Is there an easier process to swich my existing mortgage to lower interest rate to another lender without extensive credit checks?

I only require 85% LTV

Thanks

herbiesjp

You will find that most lenders will need to perform a credit check.

What is making you think you will get a decline result - have you had some adverse credit history lately?

LionKing

I am self employed and did not earn as much this year as when i applied for mortgage. I can still afford payments and have never missed a payment however don't want a case of "computer says no" :-)

grade15

check on the BOS website..then it goes to halifax website ..I think that they do a better deal than the 5.69% for 2 yrs fixed..phone them again and call their bluff, say that you are willing to move to another lender!

herbiesjp

grade15 wrote:

check on the BOS website..then it goes to halifax website ..I think that they do a better deal than the 5.69% for 2 yrs fixed..phone them again and call their bluff, say that you are willing to move to another lender!

I think you will find that will pretty much say - "ok then"

being self employed will not mean you get declined for a mortgage. Having lower income may not mean they will decline a mortgage either.

It is all relative, and will based on your current circumstances.

I think you should have a word with a good whole of market adviser, discuss your situation in detail. and then let them come back with some good options for you.

mummytwinton

go to https://www.creditexpert.co.uk & apply for your credit score. it will take a few days for your pin to come though the post but once you have the pin you can see your credit score on line.

we have had a problem after being declinded a mortgage due to our credit check & we have now been able to find our problem & hopefully by next month it should be sorted.

good luck