Remortgaging with same lender

Twilks011

My deal is up and Im considering going with my current lender - is it a faster, less paperwork laden process when you stick with the same lender? Do you need a new survey or do they take a view?

cherylsurrey

I did this 2 and a bit years ago with Barclays, they called it a rate switch. I did not have to have a survey or provide books (I am self employed), it was a painless process, and I plan on doing the same next May when my current deal ends.

Twilks011

Interesting. And heart warming! Im with Woolwich too (which I believe is Barclay's Mortgage arm) so shall investigate tomorrow. Thanks very much.

When they revalued your property 2 years down the line without a further survey did they simply add on an average market appreciation for your area do you think?

Thrugelmir

Not a remortgage. It's a product switch if you remain with current lender.

As for valuation of the property. That depends on a number of factors. Base your view on actual selling prices not advertised ones.

Twilks011

Thanks very much for that advice. One more question, with a product switch with the same lender is additional borrowing against the equity an option as per a standard remortgage?

Thrugelmir

Additional lending will require a new full application that will be underwritten in accordance with current policy. .

Twilks011

Thanks. Sorry, am bit dim. So a slightly longer process for the additional borrowing. And will that increase likelihood of survey being carried out for valuation would you say?