Mortgage fixed rate coming to an end.. advice needed please

Louim

Hi, I'm looking for some advice.. My partner and I purchased our property Oct 2017.. We have just received a letter from the mortgage broker we used saying we should make an appointment to look at deals before September. I'm a little concerned about looking for another mortgage provider as I'm currently off work on maternity and will only be in receipt of Stat Maternity pay. I will be returning back to work end of September. Will this affect being accepted by another provider?
Also, when looking at alternative providers would we have to pay fees, Valuations etc?
Thanks

muhandis

Yes, being on temporarily reduced maternity pay will affect the range of lenders that you will have access to but by no means stop you from remortgaging to a different lender if you use a decent broker.

In your place I would first look at a product switch (changing to a different product with the same lender). As long as you don't change the amount borrowed or the term, this should be a 5 minute job online with no credit check, no affordability check and zero documentation.

In any case February is likely far too early to worry about all this. The 3 month window prior to the end of the fix should be more than enough time i.e. sometime early July maybe.

Louim wrote: »

Hi, I'm looking for some advice.. My partner and I purchased our property Oct 2017.. We have just received a letter from the mortgage broker we used saying we should make an appointment to look at deals before September. I'm a little concerned about looking for another mortgage provider as I'm currently off work on maternity and will only be in receipt of Stat Maternity pay. I will be returning back to work end of September. Will this affect being accepted by another provider?
Also, when looking at alternative providers would we have to pay fees, Valuations etc?
Thanks

getmore4less

Which lender are you with?

broker is(could be) trying to pre-emp you realising that you can do a simple product switch with your current lender if thy have good deals.

SouthLondonUser

muhandis wrote: »

As long as you don't change the amount borrowed or the term, this should be a 5 minute job online with no credit check, no affordability check and zero documentation.

Are you sure about that? Most lenders, if not, in fact, all, would, at the very least, ask you to confirm that your circumstances have not changed materially. Practically, you may never get caught if you fail to mention maternity pay, but, in theory, it could be seen as mortgage fraud, not unlike inflating your salary.

Mags2019

Hi

My mortgage is with Santander and I has offered a new deal online no checks, no confirmation was required regarding my circumstances and it took less than 5 minutes to sort

SouthLondonUser

Mags2019 wrote: »

Hi

My mortgage is with Santander and I has offered a new deal online no checks, no confirmation was required regarding my circumstances and it took less than 5 minutes to sort

And you didn't have to click some box confirming your circumstances hadn't changed?

muhandis

Definitely did not have to confirm that my circumstances haven't changed for a Nationwide product switch, can't comment first-hand for other lenders.

The eligibility criteria for a product switch as per the Nationwide for Intermediaries website makes no mention of the client needing to have unchanged circumstances. -

SouthLondonUser wrote: »

Are you sure about that? Most lenders, if not, in fact, all, would, at the very least, ask you to confirm that your circumstances have not changed materially. Practically, you may never get caught if you fail to mention maternity pay, but, in theory, it could be seen as mortgage fraud, not unlike inflating your salary.

worried_jim

Mags2019 wrote: »

Hi

My mortgage is with Santander and I has offered a new deal online no checks, no confirmation was required regarding my circumstances and it took less than 5 minutes to sort

Switched mine to 7 year fix and took less than a few mins online- very straightforward and no human interaction. I've ordered Pizzas that were more challenging.