Switch mortgage and reduce term

SmallHappyFamily

Hello All,

I have come to the end of my fixed rate term (3 of 20) with HSBC.

Planning to switch to another product with them. I understand there will no be checks done when switching with same provider.

But I intend to reduce the term (remaining 17 to 10). Is this going to introduce new checks like affordability, credit etc..

In the past 3 years I have been making the maximum allowed overpayments (20%) throughout. The new payment for reduced 10 term would be slightly higher than the current payment plus overpayment.

Initial Mortgage :
138/185 (75% LTV) - 3/20 years - 4.43/3.94% - 38 Salary
Switch :
119/(xxx) (~ 60% LTV) - 5/10 years - 3.29/3.94% - 48 Salary

xxx - House valued by 3 agents with min. being 220 (We have had around 18k of work done in the 3 years). Hoping HSBC values it at least 200.

Its just on my name (35 yrs). No loans, CCJs etc. Good credit score. Although wife works (30k), is on maternity leave and will be joining work in a month full time. So dependant would be my child. HSBC calculator says I could borrow 127 for my income with dependant.

I will be talking to them in about a weeks time.

Is this going to be straight forward? Any advice please?

Thanks.

JimmyTheWig

Sounds straight forward to me.
Talk to them and see what they say.

SmallHappyFamily

Thanks. I have booked an appointment next week to talk to them.

Would like to hear from anyone who has done something similar (not necessarily with HSBC) and anything that I should be prepared for.