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Product transfer
Lilmsp
Posts: 8 Forumite
So my 2 years fixed term mortgage is ending at the beginning of September so still has a lil bit of time to go. It was 5% deposit when I bought and I think by the end of the fixed term I’ll be almost at 10%.
My first question is, is my lender going to offer me the new product transfer based on 5% deposit or 10%?
I have saved up enough to top up to 10% and even increase to 15%. (However, with pandemic still on going, it would be nice to keep a lil for rainy day but it won’t empty me out). so do I make a one off over payment now or wait for the lender to contact me/me calling them 3 months before expiry and enquire about their 10% or 15% rate.
Due to pandemic my lender has said that they won’t do affordability/valuation when they offer new product for end of term clients. So what if I don’t go for the rate they offer me but ask for their 85LTV rate and go with that. Do they treat this as new application and go through the whole thing again? (I’m still employed, have not been furloughed but I just rather not have to deal with all the stress of paperwork at the moment. I don’t think my property value has gone down but you never know with bank valuation).
thank you
My first question is, is my lender going to offer me the new product transfer based on 5% deposit or 10%?
I have saved up enough to top up to 10% and even increase to 15%. (However, with pandemic still on going, it would be nice to keep a lil for rainy day but it won’t empty me out). so do I make a one off over payment now or wait for the lender to contact me/me calling them 3 months before expiry and enquire about their 10% or 15% rate.
Due to pandemic my lender has said that they won’t do affordability/valuation when they offer new product for end of term clients. So what if I don’t go for the rate they offer me but ask for their 85LTV rate and go with that. Do they treat this as new application and go through the whole thing again? (I’m still employed, have not been furloughed but I just rather not have to deal with all the stress of paperwork at the moment. I don’t think my property value has gone down but you never know with bank valuation).
thank you
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Comments
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Naming the lender really helps0 -
It’s Hanley Economic. Thank you0
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