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Mortgage renewal

Bennwaa
Bennwaa Posts: 13 Forumite
Sixth Anniversary First Post
in Mortgages & endowments
My current mortgage deal with NatWest is about to end,(every monthly payment has been paid with no issues) but my question is, when the time has come to change a deal, and possibly switch lender, does the new lender go through the same process as when you initially apply for a first time mortgage, ie go through bank statements means test and credit check you etc? Thanks

Comments

  • comeandgo
    comeandgo Posts: 5,930 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes a new company will.
  • 01afraser4
    01afraser4 Posts: 130 Forumite
    Sixth Anniversary 100 Posts
    Yes - as comeandgo said, if you are remortgaging with a new lender then they will carry out the same checks as the original lender.

    The good news is, some banks can now do this electronically. For example, I am currently in the process of switching my mortgage from Bank of Scotland to Barclays. Barclays use an online portal where I was able to upload PDF attachments and pictures of bank statements, payslips and P60s. We then arranged a phone interview to go through our details and this was all done within a week or two. It's now with their underwriters awaiting to proceed.

    I know RBS also have an online portal but I'm not sure what other lenders use.
  • user1168934
    user1168934 Posts: 565 Forumite
    Tenth Anniversary 100 Posts Name Dropper Photogenic
    As others have said yes they do. I am currently going through the same process but I went through the mortgage broker I used last time. I looked for the best deals online prior to meeting him and he (without knowing what deals I had in mind) recommended the same deal. He is looking after the whole process with the lender. I simply provided the documents he asked for.
    Marriage is hard. Divorce is hard. Choose your hard.
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  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Start with the retention deals Natwest have they may be good enough to not bother switching lender.
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