Remortgage with same lender

thebridekiddo

Hi,

I am coming to the end of my fixed 2 year deal with the Halifax.

I am thinking of changing on to 4 year fixed deal with them and have applied online.

Does anybody have any experience post April 2014 of Halifax conducting credit/income checks before switching them over to a new deal?

Many thanks.

kingstreet

It's not a remortgage, it's a customer retention product, or "product transfer" in Halifax terms.

I'm trying to get people away from misuse of the remortgage term because they (or others reading later) may find the wrong products if they look at their lender's remortgage deals.

A Halifax PT now requires an affordability check and evidence of income.

SG27

kingstreet wrote: »

It's not a remortgage, it's a customer retention product, or "product transfer" in Halifax terms.

I'm trying to get people away from misuse of the remortgage term because they (or others reading later) may find the wrong products if they look at their lender's remortgage deals.

A Halifax PT now requires an affordability check and evidence of income.

What's the difference between a retention product and a remortgage?

thebridekiddo

Many thanks for your replies.

Will they require payslips again? Also what's an affordability check?

sturgeon62

Recently failed the affordability check with Halifax, as our mortgage dates overlapped with partners retirement date, needed to pay off a lump sum to reduce the term.
Tried to do it online but was unable to proceed, spent over an hour on phone, was told we needed wage slips, proof of id, house and life policies, we have no other credit cards or debts but would of needed proof of these, also wanted pension details.

k3lvc

Interesting that you've had to apply - I've no experience of other lenders but with Band of Ireland (ex Post Office) we were just written to and offered 3 options

1) return to SVR at end of current fix
2) 2 year fix at x%
3) 5 year fix at y%

Both fixes with no fees and no additional checks (useful as we've not exactly been squeeky clean over the past couple of years)

kingstreet

SG27 wrote: »

What's the difference between a retention product and a remortgage?

A remortgage is the process where a new mortgage with a new lender is taken to repay the old mortgage with a different lender on the same property.

As the mortgage is the deed which secures the loan to the property, a change of deed, or "remortgage" is required where you change lenders, but not when you request a new product from your existing lender.

Over the years, mortgage has become synonymous with loan, when it's more accurately the security for the loan.

As I said, if you look at your lender's website and see remortgage products they are for new borrowers to the lender and not for existing borrowers not moving home.