Remortgaging advice needed

scj1234

Hello just seeking a bit of advise

We are currently in a 2 yr fixed term mortgage with HSBC at 3.8% interest, house value £174,000 and remaining mortgage once fix term has ended will be £135,000 when we applied for the mortgage our circumstances were, both permanent contracts - my salary £22,500 partners £21,000.

We are now in the following situation, my salary will be £26,000 partners £25,000 i'm in permanent contract but shes in fixed term ending in June but possibly being extended.

I was wondering what are chances of being able to remortgage onto a better rate in May with either HSBC or someone else given my partner is now on a fixed term contract?

Any help would be appreciated as if we can remortgage with HSBC our payments will go from £701 to £530 so we would really not prefer to stay on our fixed any longer.

Regards

Stuart

getmore4less

start with the retention products from HSBC.

if you want to change now you need to make sure you can recover any fees and ERC in less than 6 months.

scj1234

Hello getmore4less

I think we are happy to wait until May when our fixed rate ends to avoid ERC's.

However our main question would be given our circumstances have changed, salaries have increased but my partner now has a fixed term contract, what checks will HSBC do if we remortgage onto a better interest rate with them? Will it be full affordability again or is it just a switch onto the new product?

I would be unhappy if they wouldn't let us switch in may onto a lower rate when we remortgage based on my partner now being on fixed term rather than permanent contract.

Hope you can give some advise.

Regards

Stuart

scj1234

HSBC retentio products will they do re credit checks etc and look at our monthly commitments, job roles again etc?

muhandis

Most lenders do not perform affordability checks or credit checks for a non-advised product switch as long as there is no additional borrowing or change in term. It should be a simple matter of logging on to your HSBC internet banking, choosing a product online, checking a few boxes and clicking a few times.

From the HSBC website - "No mortgage advice - Alternatively, you can make your own decision in relation to the mortgage you wish to apply for. However, you will not receive advice in respect to your mortgage and we are not required to assess the suitability of the mortgage product(s) that you select."

scj1234 wrote: »

HSBC retentio products will they do re credit checks etc and look at our monthly commitments, job roles again etc?