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deal ending - trying to switch
house12
Posts: 1 Newbie
3 years ago I bought a house as our first home. It was a low price because it needed renovating. The price of the house is now £30,000 to £40,000 more than we paid for it, based on comparisons to houses of the the same build being sold in the same street.
Our original 3 year fixed deal is coming to an end and we have been trying to do the mortgage on line with our mortgage provider.
It offered us a good deal. I went through the the online filling in process and at the end it offered us a different product at a higher rate.
After a lot of phone calls and been put on hold it turned out this will have been because of the difference in house value which is now higher. This information cannot be inserted on line.
So, I have a phone meeting booked with a mortgage advisor from the mortgage provider to sort the details out.
My problem is that I am self employed and they have requested my last 3 years of accounts.
Unfortunately these are not as good as when we got the mortgage originally. What will happen?
Will they withdraw any offers for my mortgage? Can they do that? We have never had any problems with paying the mortgage.
I don't want to go onto the SMR rate which it will do automatically if we do nothing (I assume).
Another option is to go with the online offer which is less than the SMR but more than the existing customer,deal ending offer.
All help and advice welcome and needed.
Our original 3 year fixed deal is coming to an end and we have been trying to do the mortgage on line with our mortgage provider.
It offered us a good deal. I went through the the online filling in process and at the end it offered us a different product at a higher rate.
After a lot of phone calls and been put on hold it turned out this will have been because of the difference in house value which is now higher. This information cannot be inserted on line.
So, I have a phone meeting booked with a mortgage advisor from the mortgage provider to sort the details out.
My problem is that I am self employed and they have requested my last 3 years of accounts.
Unfortunately these are not as good as when we got the mortgage originally. What will happen?
Will they withdraw any offers for my mortgage? Can they do that? We have never had any problems with paying the mortgage.
I don't want to go onto the SMR rate which it will do automatically if we do nothing (I assume).
Another option is to go with the online offer which is less than the SMR but more than the existing customer,deal ending offer.
All help and advice welcome and needed.
0
Comments
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Not much anyone here can tell you. You're dependent on your lender and its post-MMR process.
Worst case scenario, you stay on standard variable rate, or whatever your follow-on rate is.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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