Remortaging with same lender - do I need to inform of salary change

drewkent

My wife and I intend to remortgage with the same lender in January 2014. Since we took out the mortgage in January 2010, my salary has gone up around £10k and heres has gone down around £10k.

As we've never had problems paying (and still won't have) and have been regular overpayers, do we need to tell them of this change now? I know they will find out when we apply in January...

Many thanks

kingstreet

Staying with the same lender and opting for a "customer retention product" isn't a remortgage.

You have no need to disclose any change in your circumstances.

drewkent

Thanks kingstreet, it's our first time 'remortgaging'. I was worried that when they saw our different pay slips during the application they might say - "Well you didn't tell us this"

holly_hobby

If you are staying with the same lender, and there is no increase to borrowing (ie a further advance), then there are no further status checks reqd (as the mortgage itself has already been underwritten when it was effected), its merely a product switch.

You may have a fee for your new product, and of course check you are happy with any tie in period and/or ERCs.

Hope this helps

Holly

drewkent

Thanks Holly, a relief to hear.