Remortgage questions

movilogo

Bit of a generic question as I don't have a specific lender in mind....

When I apply for remortgage, shall be assessed in similar manner like initial mortgage? I mean will they check my income, valuation of property, credit rating etc.? Do I need solicitor too?

Thrugelmir

New lender - new application - full process.

Solicitors represent the lenders as well as yourself. So there will be fees to pay of some kind.

Spangled

If you stick with the same lender and just move onto another product of theirs (technically a product switch rather than a remortgage) then *generally* they won't check your credit, income etc and you won't need to engage a solicitor. You can often do such a product switch online, esp if you are already out of contract with your current lender. The main sticking point could be your loan to value or if you're in negative equity.

If you move to a different lender (ie a remortgage proper) then you're basically treated just like a fresh purchase, with all the credit and income checks etc that that entails.