Help! Will current lender check income for new product??

pjread

your worst case should be paying the variable rate, I'm assuming you can pay that since I doubt it's varied upwards for some time, so don't worry.

Personally I'd just ask them what other products they have you can re-fix on (avoid volunteering info unless asked, though I wouldn't outright lie...).

Failing that expect to be stuck with SVR but grab a coffee with a broker and see if there's another lender that might be able to do better. Probably easiest to limp along on SVR until you have that full year of accounts, but see if the broker agrees with that.

As long as payments are being made I'd be amazed if any lender tried to terminate/'call in' pre-term.

rachey2711

Thanks again all.
Yes, we can manage the SVR, but its a steep increase - around £250 - 300 pcm..... ouch. The more I look in to it the more appealing selling looks. We could be 100% debt free, have a reasonable amount in the bank, rent for a couple of years then get back on the ladder if we want when his books are shiny.... tempting.

katiegizmo

Not sure if your provider does it, but you can try going online to your mortgage account if you have one and clicking on 'remortgage' and seeing what they offer - then just apply for the one you'd like. With any luck you'll just get an offer through the post to fill in and send back.
This is what out mortgage broker advised us and it did work. the declaration asked 'can you afford the mortgage payments' rather than 'have your circumstances changed' so we weren't outright lying by saying yes as we are actually in better circumstances than a year ago and overpaying more....
The worst that will happen is they will not make you an offer and you'll end up on SVR as others have said.

Suarez

LaFlotte wrote: »

Our Halifax fixed rate was due to end at the end of May but they let you re-fix 3 months early so we are just in the process of doing that and the new rate kicks in at the end of this month hopefully.

Didn't know you could do this! Do they send you a letter 3 months prior to the end of the fixed rate? I could potentially save a couple £££s by doing it 3 months early!

LaFlotte

Suarez wrote: »

Didn't know you could do this! Do they send you a letter 3 months prior to the end of the fixed rate? I could potentially save a couple £££s by doing it 3 months early!

We didn't get a letter....I was just on the website looking at rates and generally having a think about it in advance and I noticed something saying you could re-fix 3 months early. So I called them up, they then gave me the two options we qualified for over the phone and they sent out forms to sign and that was that!!

It's worth calling them up!

LaFlotte

Suarez wrote: »

Didn't know you could do this! Do they send you a letter 3 months prior to the end of the fixed rate? I could potentially save a couple £££s by doing it 3 months early!

Just had another look on the website and it still says the same....you can switch to a new deal once your current deal has less than 3 months to run. So do call and save some £££!

Thrugelmir

rachey2711 wrote: »

Thanks again all.
Yes, we can manage the SVR, but its a steep increase - around £250 - 300 pcm..... ouch. The more I look in to it the more appealing selling looks. We could be 100% debt free, have a reasonable amount in the bank, rent for a couple of years then get back on the ladder if we want when his books are shiny.... tempting.

Sounds as if your financial issues are far wider than the mortgage alone. Certainly worth tackling them head on. If nothing more than for relieving the constant worry and stress.

amnblog

I suggest you make some decision swiftly Rachey.

It sounds like you wont get underwritten with a new lender and the SVR is going to be difficult to handle when your income is already stretched.

Contact Accord immediately and see what they can set up for you right now to go in place when your current rate ends.

If you beat the mortgage market review deadline of 26th April you will probably be able to switch products without them crawling all over you.

crisp

Does anyone know if the C&G or whoever owns the loan book now, recheck financial details etc on a remortgage or porting your mortgage?

amnblog

today? or on 27th April?