If I remortgage can the bank get rid of us?

Andyjhc

Our current 2 year mortgage expires next month and will then revert to a higher rate for the duration of the term. Our mortgage is two parts, the other part tracks 1% above base rate for the duration so I dont want to touch that part.

I would like to remortgage probably with the same company (A&L/Santander).

Our financial situation now is worse than when we took that mortgage out, not massively as we're both still earning the same but we've built up a fair chunk of debt in the last couple of years.

My worry is that if I look to remortgage the company will run through all the checks again and will decide that we are no longer financially viable. I dont want them ending the mortgage forcing us to go elsewhere and potentially ending up in a worse financial situation than if we did nothing, perhaps even losing the house.

We have never defaulted on a payment, naturally I want to save money but I dont want to even have that conversation with them if there is the remote chance that they could wash their hands of us.

Thanks for any advice

opinions4u

Lenders tend not to do a new set of checks when you change product but stay with them.

Equally, they cannot terminate your mortgage agreement. The "worst" that can happen is that you end up sat on their SVR.

kingstreet

Staying with the same lender is exploring your customer retention product options and these are usually available with no further status checks, as 04u said.

A remortgage is a change from one lender to another which is the same as any other mortgage application, requiring a valuation, income and credit checks.

Contact your lender about its customer retention offers open to you. Do not use the term remortgage in this context as the remortgage products your lender has avaialable are for new borrowers only.

Dave_the_Ginger_Cat

Dependent on the balances of the two parts of the mortgage, I would expect it to be a better deal to stay with your current lender with a new scheme on the current 2 year part.

You won't get anywhere near base + 1% on a remortgage, and you are unlikely to be able to leave that part as is if you move lenders so do compare the figures when they come through