Remortgage advice please

chug_2

Hi all

I'm remortgaging for the first time and do not have a clue what to expect can anyone help.

I'm planning to stick with my current bank for my mortgage but fix it as at the moment we are on variable and I fear the rates will shoot up.

They advise they will need to re-inspect the house which I hope will be ok. I know this is a silly question but a while ago my partner fell though the roof we had it re plastered but do you think it would make a difference if we painted over plastered part (because it's brown at the moment from the plastering) or not?

Also because we are staying with the same bank will we have to go through id the reason why I ask is because neither of us have photo id?

Last question is it same as applying for a new mortgage example credit check etc.

harvey115

remortgage process is almost the same as a new mortgage in respect of the credit checks, LTV consideration and further affordability criteria of the lender. I am not sure if the property would be surveyed again if you stay with the same bank, my initial thought would be that the Bank/BS would consider the last survey they took to still be valid unless you are saying that the value of the property has increased. Depending on the trend the bank would value the the property through their system and if you do not agree they would possibly ask for another valuation possible on your expense.

I think the first point of contact would be to call your current lender and ask which deals do you have access to and you might be able to just select the correct deal then and there. It is usually a straight forward process depending on the lender.

Bets of luck

Dave_Ham

I am assuming the bank are now using their "index valuation" which in many parts of the country will be lower than what you initially paid - assuming the way you are talking you only bought the property fairly recently.

They will not be hugely worried about the colouring, although be mindful this valuation will determine the system value and therefore the product they offer you...

Did have a chuckle the way you threw into the post that OH fell through the ceiling (childish I know) - no mention of them being ok, so hopefully not too bad?

Lastly, if you stay with your existing bank and they do offer you a new rate so long as you are not borrowing more than the current mortgage they will undertake no further credit, employment or income checks.

Hope this helps..

chug_2

Hi both

Thanks for both your replies they are very helpful.

I contacted my building society and they have said that there will be a valuation fee of £77 which confused me because on their site they say it's free so I've questioned it. Knowing my luck it's probably for new remortgage customers.

Daveham - yes I found your advice very helpful. Yes you are right it will be 3 years 24th August we had this house and it's our first house.

I'm thinking maybe I should just paint over the part my OH fell through but it will probably look obvious then. Don't worry about chuckling I was chuckling myself when I first typed my message it always makes me laugh (I know I'm bad but all I have in my mind every time I talk about is his legs dangling through the whole lol). Oh nearly forgot he was ok the beams saved him even though it was pain full :rotfl:

I don't want to borrow more if anything I have a fund to pay off but they still want to know my income and outgoings and will do a credit check which I'm really worried about.

I helped my brother out last year because he was struggling and I had credit cards and did balance transfers for him. It's his debt and his paying it off not me but of course the credit cards are in my name do I have to tell them about these balances even though really they are not mine?