Probably a silly question to some people

Doglover

Hi, I am due to finish a 2 year fix in June 2010. If I choose to revert to SVR for an unknown length of time do you know if I will have to be reassessed and credit searched for a new fixed deal with the same lender later in time?

In other words if I allow my current mortgage go onto the SVR for, say by way of example, 18 months and I then want to re-fix for the same amount (minus what I'd paid over the 18 month period) will my exisitng lender give me a new fixed (depending on the LTV at the time) without doing new credit checks etc. I realise this still depends on salary multiples etc (which is mortgage required is less than 3 times single salary).

Thank you

belfastgirl23

I've never had to do this again, I'm with the nationwide...they just get in touch and you let them know what you want to do.

Remember your SVR might be very competitive if it was fixed before the BoE rate dropped, check before you fix!

herbiesjp

Doglover wrote: »

Hi, I am due to finish a 2 year fix in June 2010. If I choose to revert to SVR for an unknown length of time do you know if I will have to be reassessed and credit searched for a new fixed deal with the same lender later in time?

In other words if I allow my current mortgage go onto the SVR for, say by way of example, 18 months and I then want to re-fix for the same amount (minus what I'd paid over the 18 month period) will my exisitng lender give me a new fixed (depending on the LTV at the time) without doing new credit checks etc. I realise this still depends on salary multiples etc (which is mortgage required is less than 3 times single salary).


Thank you

Unless you are looking for extra money, no new underwriting/credit checks will happen as they are your existing lender, and you are looking only for a product switch

Doglover

Hi, thanks for quick reply. I'm with C & G and go onto a good SVR but I have been late with two credit card payments in the last 6 months and am worried that if I enjoy the SVR for too long before re-fixing, the mortgage provider may use those two late payments as a reason not to offer me a new fixed deal. All other factors should be ok (slalry multiple, LTV and affordability) but I'm worried about losing the ability to fix again.

herbiesjp

Doglover wrote: »

Hi, thanks for quick reply. I'm with C & G and go onto a good SVR but I have been late with two credit card payments in the last 6 months and am worried that if I enjoy the SVR for too long before re-fixing, the mortgage provider may use those two late payments as a reason not to offer me a new fixed deal. All other factors should be ok (slalry multiple, LTV and affordability) but I'm worried about losing the ability to fix again.

As stated above, no need to worry

Doglover

So I can really go onto SVR for as long as I think it's worthwhile and switch to a new C & G mortgage at any point in the future as long as I borrow the exact (or less I guess) amount of the exisitng lending? Sounds too good to be true! I didn't think I'd get the best of both worlds:j

Firewallrob

Yep - your finances will only be looked at again if you move house (change of property address) or borrow more money.

If you move - even to a lower priced property, then thats the bit thats not guaranteed.