Remortgaging questions

dings

Hi all

Have a fixed rate tracker deal coming to an end in the coming months, and looking to change our deal.

Obviously, will look around various places, but will use existing lender as the starting point - Halifax in this case.

They'll tell us as we go along what we need to do, but just wondered from anyone who'd changed deal with existing lender (Halifax or otherwise) how the process worked:

- we're not looking to borrow any extra, or if we do it would take us to less than what we initially borrowed
- we may change the term of the mortgage.

Based on that, do they still go through the whole process of massive paperwork, credit checks, submitting months of payslips and bank statements etc, as when we applied first time, or is it a whole lot simpler and quicker process.

Any comments welcome.

Thanks

Dings

silvercar

A lot simpler if you go to the existing lender. In most cases, you just sign a few forms.

If you go to a new lender, they will do salary and credit checks and a valuation and there will be legal work needed. This is not a problem, as generally they have a remortgage team that sorts it all out, but it does take a few weeks.

First action would be to ask the existing lender what they can offer you.

dings

Thanks Silvercar...

Anyone else's thoughts and/or experiences welcome.

dings

anyone else?

stuzhunter

Some offers the full package free of charge including valuation, conveyancing. All you have to do is just sign the paperwork but it will probably takes at least 4 weeks.