Remortgage/product transfer question

TwoUpTwoDown

Hi everyone.
My mortgage is due to renew in October. With barclays currently. 

I am at breaking point with my job and am struggling to not hand my notice in. The only reason I wasn't before was because of the mortgage renewal but now not sure I can last that long.

If I go down a product transfer route with barclays and do it online, can anyone tell me what checks, if any are done?

I've never defaulted on payments in my life so credit file is okay. Affordability wise, I would of course seek other employment but appreciate its not great timing.

If I can remortgage with barclays without checks then that may be a way for to me quit sooner and find a job that won't destroy my entire inner being

Thanks  

K_S

TwoUpTwoDown said:

Hi everyone.
My mortgage is due to renew in October. With barclays currently. 

I am at breaking point with my job and am struggling to not hand my notice in. The only reason I wasn't before was because of the mortgage renewal but now not sure I can last that long.

If I go down a product transfer route with barclays and do it online, can anyone tell me what checks, if any are done?

I've never defaulted on payments in my life so credit file is okay. Affordability wise, I would of course seek other employment but appreciate its not great timing.

If I can remortgage with barclays without checks then that may be a way for to me quit sooner and find a job that won't destroy my entire inner being

Thanks  

@twouptwodown I can't speak for your specific case but generally speaking - with non-advised PTs (both Barclays and other mainstream lenders) with no change in loan size or term, there will be no affordability checks, no income assessment, no credit check and no confirmation required that your circumstances haven't changed. 

DontBringBertie

I just remortgaged with Nationwide online as they happened to have the cheapest deal after checking the comparison sites.

They didn’t do any further checks or ask for further information and just changed the ‘product’ on the date specified. 

It was very simple.

TwoUpTwoDown

Thanks for your replies.
When it comes to renewing a product online, do they take account of any movement in house prices? Did it come up as part of the renewal?
I think our house value has increased enough to push us into an LTV that would attract a better rate so wouldn't want to miss out on this

Thanks

K_S

TwoUpTwoDown said:

Thanks for your replies.
When it comes to renewing a product online, do they take account of any movement in house prices? Did it come up as part of the renewal?
I think our house value has increased enough to push us into an LTV that would attract a better rate so wouldn't want to miss out on this

Thanks

@twouptwodown Lenders will usually use an automatic indexed valuation so it should reflect movement in house prices.

I don't know how it works with Barclays direct but normally when you are offered eligible PT products, the LTV will be based on the automatically indexed valuation.

TwoUpTwoDown

Many thanks K_S