Re-mortgaging

Debt_Free_Chick

Jorgan wrote:

The lender will want to know that the property provides suitable security for their loan. If a road is proposed that may well affect the value of the property & therefore the security it provides. Environmental searches will show things like risk of flooding, which can change over a period of time & again affect the security offered by the property. The solicitor has to act for the buyer/remortgager as wlll as the lender.

So would they actually refuse to lend? Or just get the valuer to revise his valuation?

Getting worried now ..... imagine if we were unable to remortgage, ever. We could be stitched up good & proper by our existing lender! :mad:

MarkyMarkD

Yes, if you had made the mistake of choosing a lender in the first place who wouldn't allow you to switch products except to a rubbish one.

Debt_Free_Chick

MarkyMarkD wrote:

Yes, if you had made the mistake of choosing a lender in the first place who wouldn't allow you to switch products except to a rubbish one.

But we're saying that the new lender would want the searches. It's not that the existing lender won't allow a switch, but if a new lender had a better product, they might refuse to make an offer because of something on the searches. And that might happen 10 years down the line, after 2 other successful switches.

I'm very confused

MarkyMarkD

I know what you meant.

But there are lenders who will let you have any of their new customer mortgage products (Nationwide, A&L and some others) and then those who will only let you have rubbish existing customer products (Halifax, Abbey and some others) - by choosing one of the first category, you are only likely to be trapped to a relatively good value product. By choosing one of the second category, you could indeed be trapped forever with a bad lender at a bad rate.

AndrewSmith

Alliance & Leicester do occaisionally release 'new borrower only' products also.

I very recently had exactly this problem with an existing A&L borrower who was refused a very attractive rate by A&L as they said it was 'for new customers only'.

I have seen this about 3 times over the last year with them completely contrary to what they would have you believe.

regularsaver1

MarkyMarkD - Halifax now offer existing customers same products as remortgage customers - only started on 19th of this month

also intermediatries (can't spell) can now do further advance and product transfers for existing halifax customers for the same fee as if they were to remortgage away - same products see