Barclays great escape 2yr fixed rate

Summ14

Just seen this online..... Has anyone gone for this remortgage? Do they really not need a valuation or do you provide it?

Seems like a great deal..... Or am I being naive.... First time I've remortgaged and first time faced the new rules of affordability checks.....

Their affordability calculator doesn't go into too much detail but I take it this deal would do the affordability check.... Sorry if sounding a bit dim :-(

ACG

If your just doing a straight product switch n new valuation will be needed and no affordability checks will be done.

If you need a valuation to be carried out (ie if you think you should be able to get a lower LTV product then you would need to pay for a valuation).

Summ14

No we will be borrowing 20,000 more but increasing term and lowering payments.....

ACG

It may need a new valuation.

If the valuation has nt changed and you do not need it to have in order to get the extra money they its unlikely they will need to do another valuation.

they will need to go through an affordability and credit check though.

kingstreet

Are you remortgaging, or are you returning to your existing lender for additional borrowing and a customer retention product?

The processes are different in each case.

Summ14

Remortgaging as a new customer

kingstreet

Ok. So you're applying for a new mortgage with a new lender like anyone buying a property. You'll be subject to the usual status and affordability checks.

On the valuation, depending on the loan to value the lender will do an indexed or desktop valuation, have a surveyor "drive-by" the property, or have an internal inspection by its surveyor. In most cases, the valuation is free on a remortgage, regardless of the lender's chosen option.

ACG

As above, ignore me. I thought you were already with them. Valuation will be free, but affordability checks will be done as per any case.

Summ14

Thank you sorry didn't explain fully, it was late when I did the post lol

Thank you :-)