Remortgage with current provider, acceptance likely?

sjb2016

Hi All,

We're looking for a new mortgage deal as our introductory offer is expiring in December. The best-ish deal is with our current provider (Woolwich/Barclays). Nothing has really changed in the last three years other than we make £3000 more p/a than I did back in 2013. No more debts or credit cards open, no late payments. I'm just wondering, assuming we meet the LTV ratios for the product we're applying for, is it a fairly safe bet that we'll be approved? I've thought about discussing with an advisor, but seems like it might be over the top.

Any thoughts, much appreciated.

benten69

Seeing as you are already with them and are not looking to borrow more money, from what I understand it is not a remortgage, but simply a product switch. As such, I believe these are much easier and almost guaranteed unless you have missed mortgage payments, etc, as it is simply switching from 1 deal to another with the same borrowing amount, provider, etc so no affordability checks, etc needed.

I could be TOTALLY wrong, so don't take my word for it, but that's just how I understood it to be.

amnblog

This is an administrative not underwriting exercise with Barclays.

We do them every day for clients as many find the online system painful.

sjb2016

Hi,

Thanks for the feedback so far. I assumed they were fairly straight forward. The rate isn't strictly the best, but given that I wouldn't have to worry about affordability checks (shouldn't really be a problem) and potentially throwing an application fee away with another lender, I think we'll likely stick with current provider.

I've only ever viewed my existing mortgage details in the Barclay's system, but I can see how it might be horrible, but I'm sure I can muddle through!

Thanks again.

tv21

Don’t take it for granted, especially if you’re switching product types. We looked into product switching with our bank and we might as well have been strangers to them, with requests for bank statements, payslips and all the rest.

Got the impression that familiarity with our account and finances wasn’t worth much to them, and didn’t leave us with much confidence.

Quite off-putting so we’re getting the details of a mortgage advisor lined up to find other deals in case it’s going to be problematic.

Maybe your bank will be better, so don’t miss giving them a shot but if there’s better deals out there, get ready to look into them.