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"Remortgage" with the same lender
ARE007
Posts: 21 Forumite
Hi there. I'm coming to the end of a 2 year fixed mortgage. I met with my broker and agreed to another 2 year fixed deal with the same lender. The application was accepted immediately by the lender (instantly), however my broker requested to see 3 months bank statements stating it was FCA guidelines to keep this information on file???
I'm extremely reluctant to show my most recent bank statements incase it opens a can of worms about my current income levels ( eg not meeting affordability criteria) as I am self employed and over the last 3-4 months business has dropped considerably back (largely due to brexit uncertainties and the time of year). That said I am confident I can meet the repayments as I have substantial savings and the ability to take on new business/work should business not pick up again.
The mortgage is extremely small and repayments are sub £400 /month.
Can anybody give me any advice to settle my nerves please?
I'm extremely reluctant to show my most recent bank statements incase it opens a can of worms about my current income levels ( eg not meeting affordability criteria) as I am self employed and over the last 3-4 months business has dropped considerably back (largely due to brexit uncertainties and the time of year). That said I am confident I can meet the repayments as I have substantial savings and the ability to take on new business/work should business not pick up again.
The mortgage is extremely small and repayments are sub £400 /month.
Can anybody give me any advice to settle my nerves please?
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Comments
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You could have dealt with the lender direct.0
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If only I'd known that before speaking to my broker....0
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Can you not go direct. I stayed with the same provider recently and all I had to do was pick a product online, and it was done. Took me all of 10 minutes and didn't have to send in any paperwork, or pay anyone a fee, including the mortgage company.0
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Remaining with the same lender is not a remortgage. Merely a product switch. As such requires no affordabolity checks if applied for directly, i.e. online.0
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Some lenders offer cheaper product switches via brokers than direct to public. Halifax and Natwest are the main two.
As a broker we have to have payslips and bank statements on file but it doesn't have any bearing at all. It is a compliance requirement only.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for that. I'm self employed. So if I submit any bank details, even if doesn't show an income I should be fine?0
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Correct. It will not make any difference. It is more so that we can show if questioned in the future that a product transfer is the most suitable because you can't switch lender.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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