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Product Switch and MMR
amacuk
Posts: 17 Forumite
I wondered if anyone (perhaps one of the brokers on here) can comment please.
Shortly we will hit the end of a 2 year fix with C & G. We bought this house 22 months ago, and ported from our existing C&G mortgage which had been running perfectly for 10years. This new loan is a 70% LTV, and Grade A pass - so absolutely no paperwork was required and it went very smoothly. No payslips or anything.
Will MMR affect a simple product switch, will they even ask about change in circumstances / affordability? We won't need to borrow more, our payments have been on-time, and in fact the LTV is probably more like 55/60% now having spent a good £100k on the place. I ask only because I have taken a different direction career wise, but the mortgage is still affordable (in my view), and I have considerable savings, but if MMR works on income only it might be a stretch. All 3 credit reports A-ok.
Thanks in advance.
Shortly we will hit the end of a 2 year fix with C & G. We bought this house 22 months ago, and ported from our existing C&G mortgage which had been running perfectly for 10years. This new loan is a 70% LTV, and Grade A pass - so absolutely no paperwork was required and it went very smoothly. No payslips or anything.
Will MMR affect a simple product switch, will they even ask about change in circumstances / affordability? We won't need to borrow more, our payments have been on-time, and in fact the LTV is probably more like 55/60% now having spent a good £100k on the place. I ask only because I have taken a different direction career wise, but the mortgage is still affordable (in my view), and I have considerable savings, but if MMR works on income only it might be a stretch. All 3 credit reports A-ok.
Thanks in advance.
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Comments
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As Lloyds/C&G/TSB do not take business from brokers and it would be very unusual for a broker to get involved in a product transfer on top of that, I fear you may have to wait for input from someone who has done this recently.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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If and C&G are taking the same view as the main lender in their group a product switch should be reasonably painless provided there are no issues around things like - term into retirement - interest only - extra lending.
You wont know until you ask them.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
We are going through the same thing with the Halifax.
No change in terms or amount, just want to refix.
Our MA has asked for outgoings for an affordability check.
Not sure if Halifax use the MMR for product transfer.Make £2012 in 2012: £27.60/£20120 -
jakesmummy05 wrote: »We are going through the same thing with the Halifax.
No change in terms or amount, just want to refix.
Our MA has asked for outgoings for an affordability check.
Not sure if Halifax use the MMR for product transfer.
Is that the Halifax mortgage adviser? Have you gone direct to the Halifax?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
No, he is an independant advisor.
He wanted to know our incomings and outgoings such as utility bills, loans and things.
He said product transfers are normally 7-10 days.
He didn't know if the Halifax would want more affordability details.Make £2012 in 2012: £27.60/£20120
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