Affordability checks when coming to end of a fixed deal and moving to another product

sitesafe

I'm interested in hearing people's experiences of the affordability checks when the current mortgage deal comes to an end, before moving onto the next.




A friend of mine has just come to the end of a 2 year fix with Nationwide and moved onto another 2 year fix with them. She became self-employed during the first fix. When I asked her how she got on with not having 3 lots of certified accounts I was surprised to hear that she was not asked for any evidence only her last few bank statements and a few other documents.


Does this seem right - is it really not as bad as it was first expected to be? I thought we had to evidence our outgoings with a fine tooth comb even if it was a current provider we were moving to a new product with? Or does it depend on the provider?

libf

Re-mortgaging involves moving to a different lender, or changing the amount or term of borrowing with your current lender, and therefore a full application.

Taking another deal with your current provider, without changing the amount or term of borrowing, is a retention deal and does not involve a full application.

Pincher

MMR , how appropriate. Does it give you Autism, and prevent Mumps? Is it supposed to protect the consumer, or shoot them in the head to stop them from borrowing the "wrong" money?


The last time I re-mortgaged, no MMR, but still got stuck on an idiot broker who could not get a response out of anybody, and who kept mouthing the word "inquest" a lot. Switched to an outfit that reminded me of The Firm with Tom Cruise, and got the best deal of my life in days.


MMR has driven some lenders crazy, but it doesn't mean that there are nobody with common sense left.

sitesafe

libf wrote: »

Re-mortgaging involves moving to a different lender, or changing the amount or term of borrowing with your current lender, and therefore a full application.

Taking another deal with your current provider, without changing the amount or term of borrowing, is a retention deal and does not involve a full application.

Thank you - I hope this goes for all lenders - I am with Santander!

engineer_amy

I took another deal with my current provider (ulster bank) in august this year. I only had to sign and return the paperwork they sent me. They didnt even record a credit search on my file.

libf

Pincher wrote: »

MMR , how appropriate. Does it give you Autism, and prevent Mumps? Is it supposed to protect the consumer, or shoot them in the head to stop them from borrowing the "wrong" money?


The last time I re-mortgaged, no MMR, but still got stuck on an idiot broker who could not get a response out of anybody, and who kept mouthing the word "inquest" a lot. Switched to an outfit that reminded me of The Firm with Tom Cruise, and got the best deal of my life in days.


MMR has driven some lenders crazy, but it doesn't mean that there are nobody with common sense left.

The MMR vaccine does not cause autism. Please stop encouraging harmful myths, even in jest.