Remortgaging with the same lender

premiumz

Hi everybody,

We currently have a mortgage set up with a lender and we would like to take some money out of the house.

If we remortgage with the same company do they run credit checks and require bank statements etc all over again?

Many thanks

amnblog

Yes, that is the case if you are raising extra funds or changing the Term of your current deal.

Broadyx

They will do credit checks yes, and depending on how much you're borrowing, what for, and the result of the credit check will determine the evidence required to progress your application.
They still need to be able to check and prove that the additional funds are affordable for you.

premiumz

amnblog wrote: »

Yes, that is the case if you are raising extra funds or changing the Term of your current deal.

Hi,

Thanks for the reply.

So if taking money out of the house, we would need to go through the whole process again of credit checks, sending statements etc.

If we just want to change out mortgage contract would they also require this? I ask, because our 2 year term with them is coming to an end next month and then our rate goes up but I was thinking of calling them and saying could they give us the same 2 year offer again at that interest or at least closer to that or we would move lenders.

If we did the second option, would they then require credit checks etc as we would not be taking money out of the house?

Many thanks

~Beanie~

Just changing onto a new fixed term deal with the same lender would not usually require the credit checks etc, no.

You should be able to look on your lender's website to see what products they have for existing customers. My mortgage is with Halifax and I look for and move on to a new deal every 5 (or sometimes 2) years when my fixed rate ends.

AnotherJoe

premiumz wrote: »

Hi,

Thanks for the reply.

So if taking money out of the house, we would need to go through the whole process again of credit checks, sending statements etc.

If we just want to change out mortgage contract would they also require this? I ask, because our 2 year term with them is coming to an end next month and then our rate goes up but I was thinking of calling them and saying could they give us the same 2 year offer again at that interest or at least closer to that or we would move lenders.

If we did the second option, would they then require credit checks etc as we would not be taking money out of the house?

Many thanks

They arent going to bargain like someone in a souk. They will have current retention deals they will offer you on a take it or leave it basis. They may or may not be similar to what you had before.

kingstreet

Asking your current lender for a new product when your current one ends is a customer retention deal, or a product transfer.

This can normally be done without further affordability or status checks if you are altering nothing but the rate.

Asking your current lender for more money is a further advance, or increased borrowing. This requires affordability and status checks.

A remortgage is a new mortgage from a new lender to replace the existing mortgage and possibly to borrow more. It will require status and affordability checks and legal work to change the legal charge over the property.

premiumz

Ok great, thanks everyone for your replies!