Remortgaging - do they do the same checks as when you first got the mortgage?

homeless9

Hi,

Remortgaging - do they do the same checks as when you first got the mortgage?

Credit checks, Income checks, etc?

or can you just go to your mortgage provider and say can you put me on so-and-so mortgage for the next 5 years without all the checks?

Basically I am asking if say you were unemployed when your mortgage term ran out would it matter as long as you had always been paying the mortgage, or will the mortgage lender say 'you have no income - we cannot remortgage you'.

I think I will have a windfall of cash soon, not enough to pay of my mortgage, and I am wondering if say my mortgage is £150,000, but I have £100,000 in my bank and I was remortgaging with my lender having quit my job and having no income, would I still be able to renew my mortgage or do they want you to have an income?

K_S

@homeless9 It looks like you're taking about a product switch (staying with the same lender) and not a remortgage (moving lenders). If you're not looking to borrow more or change the term, a product switch usually involves no checks - no income verification, no affordability assessment and no credit check. Normally it's just a matter of a few clicks online or a quick phone call.

Sofee3

We did this recently with our current lender (Halifax) it's called a rate switch, no checks and you can do online, took 5-10 mins, we were on standard variable rate and switched to a fixed rate. 
If you want to move lender then yes it's a full new application and checks etc are done. 

homeless9

K_S said:

@homeless9 It looks like you're taking about a product switch (staying with the same lender) and not a remortgage (moving lenders). If you're not looking to borrow more or change the term, a product switch usually involves no checks - no income verification, no affordability assessment and no credit check. Normally it's just a matter of a few clicks online or a quick phone call.

Ahh ok, a product switch. I just recently bought my first house and I'm not that knowledgeable about all this. Ok, thanks.

That's great, so I don't have to be stuck in a job - that's good to hear.