First Direct remortgage likelihood?

flipper_72

Does anybody have any idea whether we would be accepted for a remortgage/ product switch? Back when the first mortgage holidays were offered we applied as DH is self employed and business was affected, as it happened we continued to pay the normal amount but as a SO instead of DD and since then have been overpaying every month. We are on a lifetime tracker and I want to switch to their current lifetime tracker which is 0.7% lower. Whilst we didn’t actually pay less would having taken the holiday count against us? Thank you for any insight.

dimbo61

It sounds like your not in arrears so I think it should be straightforward process.
Apply and see what happens 

flipper_72

No definitely not in arrears, managed to overpay by around 8 months of extra money last year. I guess it won’t hurt to just talk to them and see what happens, I might go for the fee free one at only 0.55% less so I don’t end up paying them and not getting anything from them.

Naomim

I believe if you're staying with the same lender but just changing product you shouldn't have a problem.  We are with Nationwide,  took a payment holiday in March for 3 months and then changed product to a lower interest rate with no problem. 

Thrugelmir

Have you checked online to see what products are available to you? 

K_S

flipper_72 said:

Does anybody have any idea whether we would be accepted for a remortgage/ product switch? Back when the first mortgage holidays were offered we applied as DH is self employed and business was affected, as it happened we continued to pay the normal amount but as a SO instead of DD and since then have been overpaying every month. We are on a lifetime tracker and I want to switch to their current lifetime tracker which is 0.7% lower. Whilst we didn’t actually pay less would having taken the holiday count against us? Thank you for any insight.

@flipper_72 As long as you are not in arrears now, it should be fine. I can't speak for firstdirect (as brokers have no access to it) but I have done product switches for two of my clients who took short payment holidays with two different lenders and it was the same process as before.