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A better mortgage deal
MrsTeeee
Posts: 4 Newbie
We tried re-mortgaging with the bank we've been with for 20 years but failed the affordability checks so we contacted our existing mortgage company to ask If they can offer a better deal, they also want to do affordability checks. My husband told them about the deal Martin struck whereas they don't need to do them for existing customers but was told they definitely have to do them, is there somewhere it's written down somewhere (official) that we can quote to them?
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Comments
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Are you looking to increase your lending, or shorten the term of your mortgage?
Are you moving from interest only to capital repayment, or taking your mortgage beyond age 65?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Does your current lender offer an online option to choose a new product. This a way around the issue if it's available.
Lenders can use their own discretion as to whether or not they review customers circumstances.
Any form of direct contact is deemed advice so lenders tend to protect their own backsides. We live in a world of complaint and compensation. One cannot have it both ways.0 -
We're not trying to borrow more or extend the period, but we're on a high interest due to when we took out the mortgage 10 years ago we had a repossession within the previous 7 years. As that's now out of the picture I want to be able to pay less0
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Who is your current lender?0
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Kensington Mortgages0
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Kensington do not do product switches, it is a reapplication.
Get a broker to assist you with this one.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
But would a reapplication always mean affordability checks?0
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Yes I understand it would, or you will need to stay on the reversion rate with KMC.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Did he bank give a max lend? Different lenders have their own affordability calculation so it may not be difficult to place elsewhere. As suggested speak to a broker be upfront and they will be able to help you out - hopefully.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0
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