MMR - switching with same lender?

callmechar

I am with Post Office and want to switch products with them to a new deal. I do not want to move lenders.

I do not have any concerns about MMR affordability. We could afford it if the interest rates went up to 6 or 7% and we are not big spenders. Checked the affordability on various lenders websites and they will lend us more than our mortgage is. We spend approx a third of our income on our mortgage, third on expenses and save the other third. We have been using the saved third doing up our house and other unforeseen expenses, but this is nearly done and we will be saving this going forward.

I heard that we now have to meet with a mortgage broker, is this correct? Can we not just call up and speak to the Post Office. How does this work with the Post Office? Do we have to have a 3 hour meeting with them to discuss affordability?

betmunch

You wont have to speak to a mortgage broker, you will need to speak to some one who is qualified to give mortgage advice.

Most postmen are not qualified to give advice, but I suspect the post office will employ a few to take calls over the phone.

Expect a long wait for an appointment so plan ahead