Mortgage/re-mortgage questions

dings

Hi all

Couple of points/questions for which any comments or advice would be welcome.

I'm approaching the end of the first year of my 2 year fixed rate perioed of my mortgage, and my lender has approached me about possibly "tweaking" my arrangements. Firstly, what do they mean by "tweaking" - how far do you "tweak"? Say I wanted to add some money to the value of my mortgage for a home improvement, would that come under "tweaking" or would that be re-mortgaging, or does that depend on the amount involved? Am I tied in and unable to remortgage as I'm within that 2 year period anyway?

As an aside, with regards to re-mortgaging - how long a process is it, and what level of paperwork is involved? Is it that same as the first time around with multiple payslips, bank statements etc, or is it far more simplified, or again does it depend on the value difference?

Any comments welcome.

Cheers

payless

If they have approaced you, then worth seeing what's on offer,
sounds like a new rate -
check fees and whether extra borrowing will be included at new rate or SVR ( standard variable rate)

Then compare to a remortgage eslewhere- which will usually incur some fees- not least existing lender redemption admin charge ( albeit some deals around that cover some /most of the other costs)

A new rate with existing lender is usually fairly straightforward , a remortgage takes 4-10 weeks, and may involve valuation and payslips- but again if low LTV some lenders fasttrack cases.