How much checking do lenders do when downsizing?

Daveinlincoln

So I'm downsizing my house but will still need to keep a small mortgage going.....my current mortgage balance is £102000 and after the house move it'll be £30000.

I'll probably just stay with my current lender but will I have to go through all the palaver of proving my earnings etc?

My problem is i'm on furlough and unlikely to go back to my job once furlough is over and besides I only get £560 a month anyway.

I'll  easily be able to pay the mortgage from savings and i'm planning to take some out of my pension later in the year so i know I'm good for it....question is,will they ask to see proof? and will they want a survey doing on the new property too?

Thanks for any insight and advice.

K_S

@Daveinlincoln

*Some* lenders will consider like-4-like porting with no affordability checks so it might be worth checking if your current lender and product falls in that category as that could be a solution.

If the above doesn't apply - Yes, you can expect that the bank will need to assess and verify that (as per their affordability calculations) you can afford a 30k mortgage. As of now, there are only a couple of lenders who will consider income from applicants currently on furlough with no return date and that would be based on whatever income you are currently getting while on furlough.

And yes, they will need to value the property being purchased - either a physical survey or desktop.