remortgage offers from NR

DulcieB_2

We have had a mortgage from NR for 3 years, currently paying the standard interest rate. We have received a letter from NR asking if, as valued customers, we would be interested in a new, lower mortgage deal (various offers described, fixed, tracker etc). One of these deals could potentially save us up to £400 per month on our current deal. However, as our circumstances have changed since the initial mortgage was taken out - my husband has taken voluntary redundancy + early retirement with a resulting reduction in his monthly income, but a substantial lump sum into the bank savings, and is now taking on independent employment from time to time, plus my financial situation is the same, i.e. self-employment, earning slightly more than I did at that time, would there be advisable to apply for one of these deals, or could our changed circumstances affect the current mortgage deal? Would we have to provide proof of current income? We have never had, or do not invisage having, any problems meeting our monthly mortgage payments.

Leon_W

What they are offering is a product transfer. That is to say your existing mortgage outstanding balance is switched to another product.

Northern Rock do not need to do any credit or income checks so your personal circumstances do not matter.