Remortgaging with the same lender

ruggedtoast

At the end of the fixed mortgage term, if you want to sign a new fixed deal with the same lender do you have to go through the payslips / credit check rigmarole again?

erdd2

Yes or you will revert to the conditions agreed at arrangement of fixed term. It is worthwhile to shop around, I remortgaged online when my fixed term completed and obtained a lower interest rate, free legals and survey.

opinions4u

ruggedtoast wrote: »

At the end of the fixed mortgage term, if you want to sign a new fixed deal with the same lender do you have to go through the payslips / credit check rigmarole again?

As a general rule, assuming no additional borrowing, no you don't.

erdd2

opinions4u wrote: »

As a general rule, assuming no additional borrowing, no you don't.

Oops I was thinking fixed interest rate, thanks for picking me up on that!

Sorry if I confused you rugged

kingstreet

Remortgaging to a new lender will require new status checks and valuation. A product transfer with the same lender doesn't.

The lender may check the current value of the property using a desktop valuation system like HomeTrack though.

JohnDoe1

if you remortgage with the same lender, would you have to pay another arrangement fee?

kingstreet

JohnDoe1 wrote: »

if you remortgage with the same lender, would you have to pay another arrangement fee?

Transferring to another product will result in payment of a fee if that product carries a fee requirement. Often, lenders have products with fees and without fees. You pick the product which best meets your circumstances.