New credit search

captainhaggis

Hi all,

When you try to get a new mortgage product with your existing lender, will they always perform a new credit search ?

I've a few mortgages with different lenders and they're slowly all dropping onto SVRs from fixed.

I do intend on selling the properties off within the next three years or so, so may be better staying on SVRs as there's little sign on the horizon of BoE rising the base rate, but if I were to look at going onto a fixed are the lenders likely to need a new credit search?

Thanks heaps.

_Andy_

If you stay with the same lender and don't increase the borrowing then no new searches are done.

Thrugelmir

captainhaggis wrote: »

so may be better staying on SVRs as there's little sign on the horizon of BoE rising the base rate,.

SVR's are moving.

RBS yesterday and Halifax expected to announce increase from 1st May on Monday.

Expect other mainstream lenders to follow suit.

Forget BOE base rate. Money market rates are rising. Days of cheap money are certainly over.

captainhaggis

_Andy_ wrote: »

If you stay with the same lender and don't increase the borrowing then no new searches are done.

That's great, thanks. I really thought differently.

Thrugelmir wrote: »

SVR's are moving.

RBS yesterday and Halifax expected to announce increase from 1st May on Monday.

Expect other mainstream lenders to follow suit.

Forget BOE base rate. Money market rates are rising. Days of cheap money are certainly over.

I cannot believe the banks are allowed to do this. It's like open season.

Why stop at moderate increases like .25%?! The market is full of people incapable of moving on; so why not stick it to them with 3% or more increases!? All that beautiful profit for the banks.

The banks shouldn't be allowed to set a rate and change for EXISTING customers (what they do with new customers is a different matter) it when it almost works against them.